VN-Index plunges as investors dump shares

The VN-Index, a measure of 228 companies and four mutual funds listed on the Ho Chi Minh Stock Exchange, sank on May 17 as investors sold heavily to cut losses.

The benchmark lost 9.45 points, or 1.81 percent, to finish at 511.27. Liquidity on the city bourse remained low as around 55.1 million shares were traded, worth VND1.67 trillion.

On the index, 32 stocks advanced, 185 declined, and 15 were unchanged.

Binh Thanh Import Export Production and Trade Joint Stock Company (GIL) gave up 22.34 percent to trade at VND28,500.

From April 14 to 28 SSI Vision Fund, a major shareholder of GIL, bought 128,000 shares, sending it holdings to 639,560 shares, accounting 6.26 percent of chartered capital.

Sugar producer Société De Bourbon Tay Ninh (SBT) lost 13.38 percent to VND12,300 from VND14,200 on the previous day.

Hanoi-based IT company CMC Corporation (CMG) and My Chau Printing & Packaging Holding Company (MCP) both slid 5 percent to VND26,600 and VND13,300 respectively.

Ma San Group Corporation (MSN) rose by 5 percent to trade at VND44,100 from VND42,000.

Gia Lai Cane Sugar Thermoelectricity Joint Stock Company (SEC) climbed up 4.96 percent to VND36,00.

Dien Quang Joint Stock Company (DQC) and Hoang Long Group (HLG) traded at VND53,500 and VND45,000, both up 4.9 percent.

Saigon Securities Inc. (SSI) was the most active stock in volume with 2.93 million shares being changed hands. The country’s largest brokerage closed down 4.09 percent.

Saigon Commercial Bank or Sacombank (STB) came next with 2.39 million shares, followed by Ocean Group Joint Stock Company (OGC) with 1.45 million shares.

Hanoi’s HNX-Index slumped 3.1 points, or 1.79 percent, to close at 169.6 points. Around 42.28 million shares, worth VND1.45 trillion, changed hands. In the trading session this morning, foreign investors returned to buying mood as purchase value reached VND1.9 billion.

The UPCoM-Index also slid 0.36 points to 51.86. A total of 130,008 shares was traded at VND2 billion.

By Sao Khue

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