Markets submerge in red

Vietnam’s benchmark VN-Index extended losses to three consecutive trading sessions on March 8 as most banking shares dropped drastically.

In addition, an increase of 10 per cent in fuel prices fanned concerns over earnings prospects.

The gauge of 303 companies and five mutual funds listed on the Ho Chi Minh City Stock Exchange receded 2.78 per cent, or 12.36 points, to close at 431.66 points, with 61 gainers, 220 losers, and 27 stocks remained unchanged. This is the biggest decline since mid-September 2011.

More than 90.58 million shares changed hands at a total value of VND1.57 trillion on the city bourse today, down 10 per cent in volume but up 10 per cent in value over the previous day.

Military Commercial Joint Stock Bank (MBB) topped the list of most active shares with 9.29 million shares changing hands.

The fifth largest listed lender Vietnam Commercial Joint Stock Export Import Bank or Eximbank (EIB) remained at second rank with 5.31 million shares.

Sacom Development & Investment Corporation (SAM) followed with 3.74 million shares traded.

Big losers on the southern trading floor today included Viky Plastic Joint Stock Company (VKP), Basa Joint Stock Company (BAS), Cadovimex Seafood Import-Export & Processing Joint Stock Company (CAD), Saigon Beverage Joint Stock Company (TRI), and Godaco Seafood Joint Stock Company (AGD).

Dong Phu Rubber Joint Stock Company (DPR), Hoang Quan Consulting - Trading - Service Real Estate Corporation (HQC), and Hai Van Cement Joint Stock Company (HVX) were the biggest gainers today. They all soared 5 per cent to close at VND52,500, VND6,300 and VND4,200 respectively.

Becamex Asphalt & Concrete Joint Stock Company (ACC) recouped 4.89 per cent to close at VND19,300.

Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII) escalated 4.85 per cent to close at VND28,100.

The VN30 Index - a free-float adjusted, market cap-weighted index of 30 stocks with the highest market value and liquidity on the exchange - fell 16.82 points, or 3.33 per cent, to end at 489.05. Among its 30 members, 4 stocks gained, and 26 retreated.

Hanoi’s HNX-Index of the smaller bourse in the north collapsed 4.26 per cent, or 3.2 points, to close at 71.83 points with 64 winners, 235 losers, and 40 stocks stalled. Around 95.01 million shares changed hands at a total value of VND907.97 billion.

Meanwhile, the UPCoM-Index of unlisted shares shed 0.4 per cent, or 0.14 points, to close at 34.74 points. A total of 200,602 shares changed hands at VND1.08 billion.

By Thuy Doan

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