VN-Index plunges on higher inflation forecast

Stocks on Ho Chi Minh Stock Exchange plummeted on July 1, dragging the Vietnam’s benchmark VN-Index to one-month low as investors lost confidence after the Ministry of Investment and Planning raised consumer price index forecast to 17-18 percent this year.

The measure of 288 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange slashed 1.68 percent, or 7.25 points, to close week at 425.29 points.

Among the index members, 55 rallied, 179 weakened, while 59 remained unchanged.

Trading volume on the city bourse changed a little over the previous day as 23.92 million shares changed hands at a value of VND378 billion.

Saigon Thuong Tin Joint Stock Commercial Bank or Sacombank (STB) won the position of most active share in volume with 2.79 million shares changing hands.

Saigon Securities Inc. (SSI), the country’s largest brokerage, dropped to the second place with 1.93 million shares.

PetroVietnam Transportation Corporation (PVT) came in next with 608,060 shares traded.

PetroVietnam General Services Joint Stock Corporation (PET) and Petroleum Pipeline and Tank Construction Joint Stock Company (PXT) collapsed the daily maximum allowed limit of 5 percent to close at VND13,300, and VND5,700 respectively.

Long Giang Investment & Urban Development Joint Stock Company (LGL) fell 4.95 percent to VND9,600.

Pha Lai Thermal Power Joint Stock Company (PPC) and Tay Nguyen Electricity Investment Joint Stock Company (TIC) both plunged 4.94 percent to VND7,700.

Saigon Thuong Tin Joint Stock Commercial Bank or Sacombank (STB) was also the biggest gainer on the southern trading floor today. It mounted 5 percent to close at VND12,600 after treading water for four consecutive trading sessions.

Saigon Fuel Joint Stock Company (SFC) advanced for four consecutive trading sessions, adding up 4.72 percent to VND26,600.

Cosmetics producer SPM Joint Stock Company (SPM) capped its three-day losing streak, reviving VND42,800.

The HNX-Index of the smaller bourse in the north also sank 2.14 percent, or 1.59 points, to 72.76 points. Trading volume was at 29.16 million shares worth VND328.55 billion.

Meanwhile, the UPCoM-Index of unlisted shares was unchanged at 32.99 points as of the previous day.  A total of 123,700 shares changed hands at a value of VND1 billion as of 2:30 pm local time.

By Phong Linh

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