Stocks remain in red as investors wait for corporate earnings

The Ho Chi Minh Stock Exchange wrapped up the week on a lower note on Friday as investors were less willing to buy, brokers said.

The VN-Index dropped for a second day, falling 0.9 percent, to 411.64, a one-week low. Among the index members, 83 gained, 58 declined and 37 were unchanged.

“Investors are waiting for corporate earning results in the first five months of the year, which are expected to be released soon,” a HCMC-based broker said, anticipating the VN-Index to correct to 380-390 next week.

He added that the index will barely retreat below these levels.

Eight companies had their last trading day on Vietnam’s main bourse yesterday, according to a statement on the bourse on May 27.

These companies have to move to the Hanoi Securities Trading Center for failing to meet the exchange’s requirements of having a registered capital of at least VND80 billion (US$4.5 million).

Asia Huu Lien Joint-Stock Co. (HLA), a steel-pipe manufacturer, rose 4.9 percent to VND21,400, the highest since November 10.

Financial Director Phan Van Dung will buy 30,000 shares from June 1 to July 31, to increase his stake to 130,000 shares, or 0.7 percent, up from 0.5 percent, the HCMC-based company said in a statement on the exchange’s website after the market closed yesterday.

Alphanam Joint-Stock Co. (ALP), a manufacturer of electronic equipment, climbed 4.4 percent, to VND14,400, the highest since October 2. The company plans to issue 2.3 million bonus shares, according to a statement posted on the bourse after the market closed yesterday. Shareholders will get six new shares for every 100 they hold, the company said.

Nui Ba Tay Ninh Cable Car Joint-Stock Co. (TCT), which runs a cable-car service for tourists in southern Vietnam, surged the most in six weeks, rising by the daily maximum of five percent, the biggest one-day gain since April 17, to VND148,000, the highest since September 5.

The company will double its capital to VND32 billion ($1.8 million) by offering almost 1.6 million new shares, it said in a filing to the exchange.

Saigon Garment Manufacturing Joint-Stock Co. (GMC), an apparel maker, droped 4.8 percent, to VND25,600, ending five days of gains.

Nguyen Dai, brother of the company’s general director, sold 5,000 shares to trim his stake to 11,000 shares for “family reasons”, according to a company statement on the bourse’s website after the market closed yesterday.

At the smaller bourse in Ha Noi, the HaSTC-Index posted a contrast move today, rising slightly 1.83, 1.29 percent, to 144.13 points.

Reported by Ngoc Thien

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