VN-Index continues to move backwards

Vietnam’s benchmark VN-Index, which tracks 227 companies and 4 mutual funds on the Ho Chi Minh Stock Exchange, continued plummet on May 13 as selling took the upper hand.

The index slid 0.13 percent, or 0.67 points, to finish at 518.93. Around 60.2 million shares, worth VND2.18 trillion, were traded.

Among the index members, 75 advanced, 120 fell, and 36 remained stagnant.

Most banking shares gained, except Vietnam Export Import Commercial Joint Stock Bank or Eximbank (EIB), which gave up 0.94 percent to VND21,100.

Saigon Commercial Bank or Sacombank (STB) topped the list of most active stock in volume with more than 2.97 million shares, trading up 0.46 percent. Saigon Securities Inc. (SSI) dropped to the second rank as more than 2.88 million shares changed hands. The brokerage lost 0.25 percent to trade at VND39,400. Ocean Group Joint Stock Company (OCG) came next with 2.08 million shares.

Big losers on the city bourse included the Hanoi-based mechanical manufacturer Son Ha International Corporation (SHI), Cadovimex Seafood Import-Export and Processing Joint Stock Company (CAD), and Phuong Nam Cultural Joint Stock Corporation (PNC).

Vo Thanh Tien, chairman of Cadovimex Co.’s Board of Directors, registered to sell all his holdings, 800,000 shares, between May 13 and July 13 to pay hospital fees for his child. The company will hold the second shareholders meeting on May 22 in Ca Mau Province.

Chuong Duong Beverages Joint Stock Company (SCD) utilized the daily maximum allowed limit of 5 percent to finish the day at VND31,500.

An Pha Petroleum Group Joint Stock Company (ASP) traded at VND15,000, up 4.9 percent over the previous day.

Dong A Plastic Group Joint – Stock Company (DAG) rose by 4.87 percent to VND23,700, heading for three straight gains.

The northern market also stayed in red as the Hanoi’s HNX-Index dropped 0.9 percent, or 1.58 points, to 173.16 points. Liquidity fell to around 41.2 million shares, worth VND1.42 trillion.

By Sao Khue

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