Markets make correction

Vietnam’s benchmark VN-Index snapped rising trend on March 6 as several large-cap stocks declined while buyers and sellers pulled fiercely.

Shares of 303 companies and five mutual funds listed on the Ho Chi Minh City Stock Exchange plummeted 2.67 per cent, or 12.21 points, to close at 445 points, with 105 gainers, 158 losers, and 45 stocks remaining unchanged.

Trading on the city bourse rose by 50 per cent in volume and 9 per cent in value over the previous day as more than 154.49 million shares changed hands at a total value of VND2.16 trillion.

Military Commercial Joint Stock Bank (MBB) was the most active share in volume with 15.79 million shares changing hands.

Sacombank Securities Joint Stock Company (SBS) was the runner-up with 6.54 million shares.

The fifth largest listed lender Vietnam Commercial Joint Stock Export Import Bank or Eximbank (EIB) tailed after with 6.21 million shares traded.

Viky Plastic Joint Stock Company (VKP) eroded 12.5 per cent to close at VND700.

Hung Vuong Joint Stock Corporation (HVG) slipped 7.98 per cent to close at VND24,200. The company will pay dividends for the first term of the year 2011 to its current shareholders in cash at a ratio of 10 per cent on March 30.

Saigon Beverages Joint Stock Company (TRI) drained 5.26 per cent to close at VND1,800.

Cadovimex Seafood Import-Export & Processing Joint Stock Company (CAD) accelerated 11.11 per cent to close at VND1,000.

Basa Joint Stock Company (BAS) rolled up 9.09 per cent to close at VND1,200.

Other gainers included South Vietnam Container Shipping Joint Stock Company (VSG), Southern Rubber Industry Joint Stock Company (CSM), and COMA 18 Joint Stock Company (CIG). They all added up 5 per cent to close at VND2,100, VND12,600, and VND4,200 respectively.

The VN30 Index - a free-float adjusted, market cap-weighted index of 30 stocks with the highest market value and liquidity on the exchange - dived 16.53 points, or 3.15 per cent, to end at 508.41. Among its 30 members, 6 stocks gained, 23 retreated, and 1 closed unmoved.

Hanoi’s HNX-Index of the smaller bourse in the north also reversed 0.77 per cent, or 0.58 points, to close at 75.2 points with 158 winners, 146 losers, and 54 stocks treading water. Around 183.11 million shares changed hands at a total value of VND1.65 trillion.

Meanwhile, the UPCoM-Index of unlisted shares dumped 0.9 per cent, or 0.32 points, to close at 35.08 points. A total of 645,400 shares changed hands at VND4.14 billion.

By Thuy Doan

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