VN-Index slides as investors dump shares

The Vietnam’s benchmark VN-Index edged down on July 6 as investors sold off shares on prospect that the central bank might not cut other key rates soon.

The shares of 288 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange retreated 0.63 percent, or 2.73 points, to close at 428.3 points.

Among the benchmark members, 49 surged, 173 declined, while 71 remained unchanged.

Trading volume on the city bourse fell by 13 percent, however, trading value gained by 33 percent over the previous trading session as 22 million shares changed hands at a value of VND518 billion.

Saigon Securities Inc. (SSI), the country’s largest brokerage, led the list of the most active shares in volume with 1.42 million shares changing hands.

Saigon Thuong Tin Joint Stock Commercial Bank or Sacombank (STB) continued tagging along with 960,000 shares traded.

Ocean Group Joint Stock Company (OGC) finished third with 736,220 shares.

Lam Son Sugar Joint Stock Corporation (LSS) nose-dived 24.44 percent to close at VND20,400. The company will pay dividends for the second term of the year 2010 to its current shareholders in cash at a ratio of 15 percent on August 26. It will also reward bonus shares to its shareholders at a ratio of 4:1.

Other losers on the southern trading floor included AgriBank Securities Joint-Stock Corporation (AGR), Binh Thuan Hamico Mineral Joint Stock Company (KSA), and Vietnam Sun Copporation (VNS). They all slashed 5 percent to VND9,500, VND13,300, and VND20,900 respectively.

Trading company Sieu Thanh Joint Stock Corporation (ST8) enhanced 4.84 percent to VND13,000.

Long Hau Corporation (LHG) rebounded 4.47 percent to VND32,700.

Vinacafé Bien Hoa Joint Stock Company (VCF) climbed 4.38 percent to close at VND71,500.

The Hanoi’s HNX-Index of the smaller in the north slumped 1.17 percent, or 0.87 points, to finish at 73.44 points. Trading on the northern market dropped over the previous trading session as 22.5 million shares worth VND258.45 billion changed hands.

Meanwhile, the UPCoM-Index of unlisted shares tripped 0.09 points, or 0.27 percent, to 32.68 points. A total of 66,266 shares changed hands at a value of VND375 million as of 11:30 am local time.

By Nam Giao

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