Markets tumble as investors sell off

Stocks on the Ho Chi Minh Stock Exchange opened week with a sharp fall, dragging the Vietnam’s benchmark VN-Index to a six-week low on July 11 as investors sold off shares to avert risks on prospect that tight credit policy would continue to damage the market.

The shares of 289 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange shattered 1.22 percent, or 5.23 points, to close at 425.09 points.

Among the index members, 77 rallied, 130 decreased, while 87 remained unchanged.

Trading on the city bourse improved by 7 percent in volume and in value over the previous trading session as 21.1 million shares changed hands at a value of VND352 billion.

Saigon Thuong Tin Joint Stock Commercial Bank or Sacombank (STB) was the most active share in volume for three consecutive trading sessions with 2.35 million shares changing hands.

Ho Chi Minh City-based Refrigeration Electrical Engineering Corporation (REE) climbed to the second place with 905,160 shares traded.

Hoang Quan Consulting - Trading - Service Real Estate Corporation (HQC) followed with 812,550 shares.

Chuong Duong Beverages Joint Stock Company (SCD), food producer Ntaco Corporation (ATA), and Interfood Shareholding Company (IFS) were the biggest losers on the southern trading floor today. They all dumped the daily maximum allowed limit of 5 percent to close at VND19,000, VND19,000, and VND9,500 respectively.

Cosmetics producer SPM Joint Stock Company (SPM) plunged 4.91 percent to VND40,700.

NBB Investment Corporation (NBB), Binh Duong Construction & Civil Engineering Joint Stock Company (BCE), and Vietnam Blue-chips Investment Fund (VFMVF4) all sliced 4.88 percent to close at VND58,500, VND7,800, and VND3,900 respectively.

Viky Plastic Joint Stock Company (VKP) rebounded 5 percent to VND2,100.

Binh Dinh Minerals Company (BMC) escalated for three straight trading sessions, building up 4.95 percent to VND23,300.

Viettronics Tan Binh Joint Stock Company (VTB) surged 4.94 percent to VND8,500.

The Hanoi’s HNX-Index of the smaller in the north collapsed 1.24 percent, or 0.9 points, to finish at 71.94 points. Trading on the northern market reduced by 13 percent in volume and 13.45 percent in value over the previous trading session as 17.37 million shares changed hands at VND187 billion, the lowest level in the past 26 months.

Meanwhile, the UPCoM-Index of unlisted shares treaded water at 32.47 points as of 2:20 pm local time. A total of 67,600 shares changed hands at a value of VND450 million today.

By Da Nguyet

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