Stocks stumble on bearish sentiment

Vietnam’s benchmark VN-Index collapsed the third day on November 2 as investors dumped shares heavily to flee from the market on fear that losing trend would prolong.

The measure of 299 companies and five mutual funds listed on the Ho Chi Minh City Stock Exchange slashed 1.46 percent, or 6.03 points, to close at 407.79 points.

Of the index, there were 50 advancers, 183 decliners, while 71 stocks remained unchanged.

Trading on the city bourse dropped by 30 percent in volume, and 32 percent in value as more than 31.6 million shares changed hands at a total value of VND491 billion.

Becamex Infrastructure Development Joint Stock Company (IJC) led the list of most active shares in volume with nearly 1.26 million shares changing hands.

The newly listed Military Commercial Joint Stock Bank (MBB) dropped to the second rank with 1.25 million shares.

Refrigeration Electrical Engineering Corporation (REE) followed with 933,720 shares traded.

MT Gas Joint Stock Company (MTG) slumped 6.82 percent to close at VND4,100. The company will pay dividends for the year 2010 to its current shareholders in cash at a ratio of 3.5 percent on November 15.

Basa Joint Stock Company (BAS) stripped 5.88 percent to close at VND1,600.

Other losers on the city bourse included Do Thanh Technology Corporation (DTT), Vinaship Joint Stock Company (VNA), and Taya Vietnam Electric Wire and Cable Joint Stock Company (TYA).

SPM Joint Stock Company (SPM) rallied for three consecutive trading sessions, building up 4.81 percent to close at VND54,500.

Vietnam Dairy Products Joint Stock Company (VNM) reclaimed 4.72 percent to VND133,000.

Transforwarding Warehousing Corporation Ho Chi Minh City (TMS) rose 4.68 percent to VND17,900.

The Hanoi’s HNX-Index of the smaller bourse in the north also sank 2.01 percent, or 1.38 points, to finish at 67.14 points. Around 36.4 million shares changed hands at a value of nearly VND383 billion.

Meanwhile, the UPCoM-Index of unlisted shares reduced 0.36 percent, or 0.11 points, to close at 30.40 points. A total of 305,960 shares changed hands at a value of VND1.4 billion.

By Thuy Doan

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