VN-Index drops on bearish sentiment

Vietnam’s benchmark VN-Index sank for second day on March 3 as investors reduced their holdings heavily to avert risks on speculation that new tight monetary policy would curb the demand for equity.

The index of 280 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange dwindled 1.2 percent, or 5.49 points, to close at 452.34 points.

On the index, there were 41 winners, 184 losers, while 61 remained unchanged.

Trading on the city bourse dropped 34 percent in volume and 32 percent in value over the previous trading session as more than 30.74 million shares changed hands at a value of VND660 billion.

Saigon Securities Inc. (SSI), the country’s largest brokerage, topped the list of most active shares in volume with 3.1 million shares changing hands.

Saigon Thuong Tin Commercial Bank or Sacombank (STB) won the second rank with 1.18 million shares.

Refrigeration Electrical Engineering Corporation (REE) followed with 1.07 million shares.

Southern Rubber Industry Joint Stock Company (CSM), De Tam Joint Stock Company (DTA), and Nam Viet Joint Stock Company (NAV) all nosedived  the daily maximum allowed limit of 5 percent to VND20,900, VND9,500, and VND9,500 respectively.

Thien Nam Trading Import Export Joint Stock Company (TNA) headed south for four days in a row, cutting 4.98 percent to close at VND22,900.

Dream House Investment Corporation (DRH) and Ngo Han Joint Stock Company (NHW) both slid for two straight days, losing 4.94 percent to VND7,700, and VND15,400 respectively.

Taicera Enterprise Company (TCR) recovered from previous losses, edging up 4.94 percent to VND8,500.

Materials - Petroleum Joint Stock Company (COM) soared 4.81 percent to VND32,700.

Tay Bac Minerals Investment Joint Stock Company (KTB) and Vinh Hoan Corporation (VHC) both capped losing streak, reviving 4.78 percent to VND21,900, and VND24,100 respectively.

The smaller bourse in the north declined for four consecutive trading sessions. The Hanoi’s HNX-Index dumped 1.15 percent, or 1.05 points, to close at 90.12 points. Liquidity on the northern trading floor fell by 40 percent over the previous trading session as around 32.5 million shares worth VND461.5 billion changed hands.

Meanwhile, the UPCom-Index of unlisted shares market shrank 0.29 points to 39.18 points this morning. A total of 400,000 shares changed hands at a value of VND2.57 billion as of 11:20 am local time.

By Sao Khue

Other news