Updated  
August, 19 2014 08:09:00

Foreign funds reap gains of buying domestic stocks

PVD enjoyed a profit of VND1.3 trillion ($61.3 million) in the first six months this year, increasing 150 per cent compared to the same period last year. — Photo VNA

HA NOI (VNS) — Three foreign funds bought 17.85 million shares of PetroVietnam Drilling Services (PVD) in July last year and have since reported profits of VND1.2 trillion (US$56.6 million).

The funds, including Mutual Fund Elite, Private Equity New Markets II and VinaCapital Viet Nam Opportunity Fund, purchased at the issue rate of just VND45,600 ($2.1) per share. PVD has since climbed to VND100,000 ($4.7).

Specifically, Mutual Fund Elite earned VND655 billion ($30.9 million), Private Equity New Markets II held VND318 billion ($15 million) and Private Equity held VND196 billion ($9.2 million). In addition, these funds received dividends at 10 per cent.

PVD enjoyed a profit of VND1.3 trillion ($61.3 million) in the first six months this year, increasing 150 per cent compared to the same period last year. Foreign ownership in the company is currently over 40 per cent. — VNS

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