VN-Index almost unchanged amid heavy selling

Vietnam’s major stock exchange in Ho Chi Minh City treaded water on May 25, as a blue-chips’ rally negated the nosedive caused by heavy selling.

VN-Index, a measure of 230 companies and 4 mutual funds listed on the bourse, hovered around 486.25, edging up 0.06 points, or 0.01 percent. 

Of the index members, 84 stocks rallied, 106 dropped and 44 remained unchanged. Trading volume remained low, as nearly 44 million shares worth VND1.26 trillion changed hands.

The Hanoi-based Information and Networking Technology Joint Stock Company (CMT) advanced by the daily maximum allowed limit of 5 percent to trade at VND42,000 from VND40,000 yesterday.

From May 6 to June 12, Nguyen Duc Thuan, a major shareholder of CMT, registered to reduce his stake to 600,000 shares by selling 296,660 shares to restructure his investments.

Both Idico Urban and House Development Joint Stock Company (UIC) and Viet - Han Corporation (VHG) climbed 4.95 percent to VND33,900 and VND19,100 respectively.

Vietnam Electricity Construction Joint Stock Corporation (VNE) was the most attractive stock on the city bourse in today’s trading session, seeing 2.51 million shares traded, up 4.52 percent to VND18,500.

Saigon Securities Inc. (SSI) dropped to the second rank in the list of most active share in volume, with 2.24 million shares changing hands. The country’s largest brokerage slid 0.54 percent.

Tan Tao Investment Industry Corporation (ITA), which inched up 3.32 percent, came in next with 1.4 million shares.

The list of declines in the southern market included Cotec Construction Joint Stock Company (CTD), Cavico Viet Nam Mining and Construction Joint Stock Company (MCV) and Petrolimex International Trading Joint Stock Company (PIT).

At the smaller bourse in Hanoi, the HNX-Index tumbled 0.33 percent, or 0.51 points, to close at 155.9. Turnover on the trading floor dropped to below VND1 trillion, with approximately 32.4 million changing hands.

The UPCoM-Index of the unlisted stocks slid 0.09 points to 48.89. A total of 296,577 shares were traded, worth an estimated VND4.74 billion.

By Phong Linh

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