VN-Index sinks under selling pressure

Stocks on the Ho Chi Minh Stock Exchange remained in red on May 10 as investors continued to sell heavily to take profits.

The Vietnam’s benchmark VN-Index, which tracks 227 companies and four mutual funds, slid 1.41 percent, or 7.65 points, to close at 534.38 points. Liquidity on the city bourse dropped by 27 percent over the last weekend, but remained high at around 82.6 million shares, worth VND2.58 trillion.

Of the index, 39 stocks rose, 175 fell, and 17 were unchanged.

Decliners on the southern market included Truong Thanh Furniture Corporation (TTF), Long An Food Processing Export Joint Stock Company (LAF), Saigon Cable Corporation (CSG), and Sao Mai Construction Corporation (ASM).

Alphanam Joint Stock Company (ALP) and Ninh Van Bay Real Estate Joint Stock Company (NVT) traded at VND29,400 and VND31,500 respectively, up the daily maximum allowed limit of 5 percent.

Techno - Agricultural Supplying Joint Stock Company rose by 4.99 percent to trade at VND37,900.

Tu Liem Urban Development Joint Stock Copany (NTL) climbed up 4.94 percent to VND170,000 from VND162,000.

Saigon Securities Inc. (SSI) topped the list of the most active stock in volume with 3.45 million shares. Vietnam’s largest brokerage closed down 3.06 percent to trade at VND41,200.

Saigon Commercial Bank or Sacombank (STB) came next with 2.91 million shares, followed by sugar maker Société De Bourbon Tay Ninh (SBT) with 2.87 million shares.

The smaller bourse in the north also stayed in red as the Hanoi’s HNX-Index fell 1.45 percent, or 2.68 points, to finish at 181.7 points. Around 62.7 million shares, worth VND2.17 trillion, changed hands.

The UPCoM-Index rose 0.79 points to 55.03 points. A total of 253,466 shares changed hands at VND4.3 billion.

By Vinh Nghi

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