Stocks lose ground on selling pressure

Vietnam’s benchmark VN-Index retreated the second day to near 430 points on June 6 as investors continued to dump shares heavily to lock in gains.

The measure of 284 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange collapsed 2.17 percent, or 9.6 points, to close at 433.81 points.

Last week, the gauge climbed 7.9 percent, driven by a six-day gaining streak of 16.6 percent.

On the benchmark, 90 stocks rallied, 117 retreated, while 82 remained unchanged.

Trading on the city bourse plunged by 52 percent in volume and 54 percent in value  over the previous trading session as 22.88 million shares changed hands at a value of VND420 billion.

Saigon Securities Inc. (SSI), the country’s largest brokerage, led the list of most active shares in volume with 2.03 million shares changing hands.

It was followed by Vietnam Mechanization Electrification & Construction Joint Stock Company (MCG) with 1.15 million shares.

Ho Chi Minh City-based Refrigeration Electrical Engineering Corporation (REE) came in third with 1.09 million shares traded.

Food producer Basa Joint Stock Company (BAS) plummeted 18.92 percent to close at VND3,000. The company’s stocks resumed trading under supervision today after being suspended since April 15 for running at losses for two consecutive years.

Dry Cell and Storage Battery Joint Stock Company (PAC) tumbled 12.62 percent to VND37,400. The company will pay dividend for the year 2010 to its current shareholders in cash at a ratio of 20 percent.

Construction company Sonadezi Long Thanh (SZL) gave up 10.16 percent to VND11,500. The company’s current shareholders will receive dividends for the year 2010 in cash at a ratio of 10 percent on June 30.

Cotec Investment & Land-House Development Joint Stock Company (CLG) advanced the fourth day, gaining 5 percent to VND14,700.

Tan Cang Logistic & Stevedoring Joint Stock Company  (TCL) and Thu Duc Housing Development Corporation (TDH) both rebounded 4.97 percent to VND19,000.

Licogi 16 Joint Stock Company (LCG) recovered 4.89 percent to VND19,300.

The Hanoi’s HNX-Index of the smaller in the north went down 0.37 percent, or 0.27 points, to close at 73.6 points. Trading volume reached nearly 30.6 million shares worth VND346.5 billion.

Meanwhile, the UPCoM-Index of unlisted shares also shed 0.13 points this morning. A total of 28,100 shares changed hands at a value of VND278.77 million.

By Kha Lam

Other news