Market slumps due to profit-taking

Vietnam’s benchmark VN-Index, a measure of 212 companies and four mutual funds listed on the Ho Chi Minh Stock Exchange, fell sharply on March 16 due to investors’ heavy selling to take profits.

The index finished at 516.08 points, losing 2.96 percent, or 15.78 points. Around 67.29 million shares traded at VND2.9 trillion.

Among the index members, 20 advanced, 187 dropped, and 9 remained unchanged.

Seafood producer Basa Joint Stock Company (BAS) and the Khanh Hoi Import Export Joint Stock Company (KHA) led the losers. Both gave up the maximum daily allowed limit of 5 percent to VND13,300 and VND24,700.

Vietnam Mechanization Electrification & Construction Joint Stock Company (MCG) fell 4.99 percent to VND40,000.

Khanh Hoa Power Joint Stock Company (KHP), which added up 4.96 percent to VND14,800, led the list of gainers. Next were Binh Phuoc-based Can Don Hydro Power Joint Stock Company (SJD), and the city-based South Logistics Joint Stock Company (STG), which gained 4.93 percent and 4.86 percent to VND21,300 and VND36,700 respectively.

Saigon Commercial Bank or Sacombank (STB), which continued to give up 2.94 percent to VND23,100, remained the most active stock in volume with more than 3.3 million shares changing hands.

Saigon Security Inc. (SSI) came next with around 3.2 million shares traded at VND89,000, followed by Vietnam Export Import Commercial Joint Stock Bank (EIB) with 2.1 million shares. The shares of Vietnam’s largest brokerage lost 2.2 percent today. EIB remained the only banking share that didn’t tumble.

The smaller bourse in the north continued to stay in the red as Hanoi’s HNX-Index slid 2.68 percent, or 4.65 points, to close at 168.67.

Around 40.2 million shares changed hands, worth VND1.35 trillion.

The UPCoM-Index rose 0.8 points, to 43.76. A total of 69,625 shares was traded at VND881 million.

By Sao Khue

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