VN-Index ends rising trend due to profit-taking

Movements of VN-Index on September 7. (Photo:
The VN-Index put an end to its winning streak on September 7 as investors opted to lock in gains after the benchmark had advanced for six consecutives days.

The gauge of 253 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange fell 5.41 points, or 1.16 percent, to close at 460.59 points.

Trading volume dropped by 10 percent over the previous day to around 52.6 million shares, worth VND1.35 trillion.

On the index, most blue-chips declined with a decrease of 0.1 to 2.5 points. The city bourse recorded 72 winners, 152 losers while 34 remained unmoved.

Stock supply is expected to be profuse on the upcoming days as some securities companies considered 480 a strong resistance level. The index will likely make corrections as it approaches this level.

Saigon Securities Inc. (SSI) continued to be the most active share in volume with 2.18 million shares changing hands.

Wire producer Viet - Han Corporation (VHG) took the second rank with 1.94 million shares, tagged along by Investment and Trading of Real Estate Joint Stock Company (ITC) with 1.91 million shares.

DESCON Construction Corporation (DCC) which plunged 4.96 percent to trade at VND23,000, led the losers on the city bourse.

From September 6 to November 6, Nguyen Van Phuong, deputy general director cum member of the Board of Directors of DESCON Construction Corporation (DCC), registered to sell 30,000 shares, reducing his holdings to 130,500 shares.

Next were construction company Long Hau Corporation (LHG), Thien Nam Trading Import Export Corporation (TNA), and Vinpearl Joint Stock Company (VPL).

On September 6, 66,905,962 additional shares of Vinpearl Joint Stock Company (VPL) officially traded on the Ho Chi Minh Stock Exchange. These shares were issued to its current shareholders in accordance with a statement on May 20.

Nari Hamico Minerals Joint Stock Company (KSS) rose the daily maximum allowed limit of 5 percent to VND31,500.

South Logistics Joint Stock Company (STG) added up 4.99 percent to trade at VND37,900.

Ninh Van Bay Real Estate Joint Stock Company (NVT) and Viet Nam – Italy Steel Joint Stock Company (VIS) both closed up 4.98 percent to VND21,100, and VND44,300 respectively.

Between July 16 and 26, Tran Thi Dan, wife of Do Ngoc Quynh – member of the Board of Directors of Ninh Van Bay Real Estate Joint Stock Company (NVT), bought 2,000 shares and sold 2,000 shares without making announcement.

The smaller bourse in the north also capped its four straight trading sessions of gains as the Hanoi’s HNX-Index contracted 1.15 points, or 0.84 percent, to 135.65. Investors fostered buying, pushing trading volume on the northern market to 51.1 million shares, approximately VND1.29 trillion, up 40 percent over the previous day.

The UPCoM-Index dipped 0.46 points to 48.86 as of 11:10 am local time. There were 0.29 million shares changed hands on the market of unlisted shares at VND3.2 billion.

By Kha Lam

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