VN-Index drops on growth downgrade

Vietnam’s benchmark VN-Index returned to losing trend on April 7 as several blue-chip stocks tumbled after the Asia Development Bank downgraded its growth forecast for Vietnam in 2011 to 6.1 percent from 7 percent.

The gauge of 283 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange sank 0.31 percent, or 1.45 points, to close at 463.49 points.

Among the index members, 60 gained, 165 shrank, while 63 remained unchanged.

Trading volume on the city bourse slightly rose over the previous trading session as nearly 27.54 million shares changed hands at a value of VND690 billion, up 18 percent.

Sai Gon Thuong Tin Joint Stock Commercial Bank or Sacombank (STB) was the most active share in volume for two days in a row with 2.15 million shares changing hands.

Licogi 16 Joint Stock Company (LCG) took the second place with 1.63 million shares.

FPT Corporation (FPT) came in next with 1.19 million shares traded.

Hanoi Post & Telecommunications Construction & Installation Joint Stock Company (HAS) slumped 6.49 percent to close at VND7,200. The company will pay dividends for the year 2010 to its current shareholders in cash with a ratio of 5 percent since April 29.

Mien Dong Joint Stock Company (MDG) and Hanoi Maritime Holding Company (MHC) both gave up 5 percent to VND13,500 and VND5,700 respectively.

Interfood Shareholding Company (IFS) declined 4.85 percent to VND15,700.

SPM Joint Stock Company (SPM) reversed previous loss, recovering 4.95 percent to close at VND53,500.

Thu Duc Water Supply Joint Stock Company (TDW) rebounded 4.94 percent to close at VND8,500.

Vinacafé Bienhoa Joint Stock Company (VCF) ended its two-day losing streak, gaining 4.89 percent to VND47,200.

The smaller in the north also collapsed as the Hanoi’s HNX-Index lost 1.21 percent, or 1.11 points, to close at 90.72 points. Trading volume fell by 20 percent over the previous trading session as 21.56 million shares worth VND335 billion changed hands.

Meanwhile, the UPCoM-Index of unlisted shares inched up 0.13 points to 37.36 points this morning. A total of 97,920 shares changed hands at a value of VND1.19 billion.

By Vinh Nghi

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