Textile stocks soar thanks to good business performance
News Type: Marketing News
Source from: Vietnam News
Positive business results together with the expectation of benefiting from free trade agreements helped textile stocks shoot up in the past year.— Photo vietstock.vn
HÀ NỘI — Positive business results together with the expectation of benefiting from free trade agreements helped textile stocks shoot up in the past year.
Textile no less competitive
In the context of the escalating US-China trade war, signed free trade agreements have brought about expectations of more orders, the textile industry will benefit greatly. Business results of many companies in the industry recorded growth in 2018, leading to the upswing of textile stocks.
Shares of TNG Investment and Trading JSC (TNG) climbed from VNĐ10,000 per share in early 2018 to reach VNĐ23,100 per share currently, equivalent to a hike of more than 100 per cent. At the end of 2018, TNG achieved post-tax profit of VNĐ180 billion, up by 60 per cent year-on-year.
Another textile and garment stock seeing gains was Thành Công Textile Garment Investment Trading Joint Stock Company.
In the second half of 2018, TCM shares had an impressive increase from the bottom of VNĐ15,950 per share to VNĐ23,000 per share. In October 2018, TCM reached its peak over the last two years of VNĐ30,000 per share. At the end of 2018, TCM achieved profit of VNĐ260.4 billion, 1.3 times higher than the same period in 2017.
On Friday, TCM was traded at VNĐ31,550 per share, surpassing the old peak in 2018.
Shares of Saigon Garmex Manufacturing Trade Joint Stock Company (GMC) also increased sharply from VNĐ25,000 at the beginning of 2018 to VNĐ50,000 per share in early this year. GMC collected profit of VNĐ135 billion in 2018, doubling that of 2017. — VNS