Markets kick off week in low note

Stocks on the Ho Chi Minh City Stock Exchange dropped on March 12 to open week in bearish sentiment as investors sold shares heavily to avert risks.

However, the losing momentum slowed down significantly after news that the central bank will officially lower interest rates by 1 per cent starting March 13.

Vietnam’s benchmark VN-Index which tracks 303 companies and five mutual funds listed on the Ho Chi Minh City Stock Exchange chopped 0.95 per cent, or 4.09 points, to close at 428.02 points, with 60 gainers, 197 losers, and 53 stocks remaining unchanged.

Buying demand weakened while sellers lost patience, causing stocks supply at low prices to gradually take the upper hand on the trading floor. More than 74.78 million shares changed hands at a total value of VND1.15 trillion, down 23 per cent over the previous day, on the city bourse today.

Military Commercial Joint Stock Bank (MBB) was the most active share in volume with 7.72 million shares changing hands.

Saigon Thuong Tin Joint Stock Commercial Bank or Sacombank (STB) was the second most active share with 7.2 million shares traded.

Sacombank Securities Joint Stock Company (SBS) tagged along with 4.79 million shares.

Cadovimex Seafood Import-Export & Processing Joint Stock Company (CAD) nosedived 11.11 per cent to close at VND800.

Saigon Fuel Joint Stock Company (SFC) closed down 9.91 per cent to VND19,100. The company will pay dividends for the second term of the year 2011 to its current shareholders by cash, at a ratio of 12 per cent on April 2.

Savimex Corporation (SAV) lost 8.98 per cent to close at VND15,200.

Basa Joint Stock Company (BAS) resuscitated 10 per cent to close at VND1,100.

Saigon Beverage Joint Stock Company (TRI) rallied the second day, fortifying 5.26 per cent to close at VND2,000.

Dream House Investment Corporation (DRH) and De Tam Joint Stock Company (DTA) both leaped forward 5 per cent to close at VND4,200.

The VN30 Index - a free-float adjusted, market cap-weighted index of 30 stocks with the highest market value and liquidity on the exchange – clipped 4.38 points, or 0.9 per cent, to end at 482.65. Among its 30 members, 5 stocks gained, 20 retreated, and 5 were unmoved.

Hanoi’s HNX-Index of the smaller bourse in the north tumbled 3.21 per cent, or 2.3 points, to close at 69.26 points with 83 winners, 207 losers, and 40 stocks treaded water. Around 59 million shares changed hands at a total value of VND551.86 billion.

Meanwhile, the UPCoM-Index of unlisted shares dipped 0.81 per cent, or 0.28 points, to close at 34.3 points. A total of 227,415 shares changed hands at VND990 million.

By Thuy Doan

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