VN-Index goes downhill on inflation concerns

Vietnam’s benchmark VN-Index unexpectedly tumbled at the end of the trading session on February 28 due to heavy sell-off as investors lost confidence because of rising inflation, and an increase in fuel and power prices.

The measure of 280 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange shed 1.2 percent, or 5.59 points, to close at 461.37 points.

On the index, 73 stocks climbed, 152 retreated, while 60 treaded water.

Trading volume improved 20 percent over the previous trading session. More than 34.26 million shares changed hands at a value of VND769 trillion, up 17 percent.

Saigon Securities Inc. (SSI), the country’s largest brokerage, was the most active share in volume with 2.3 million shares changing hands.

It was tagged along by Viet Nam Joint Stock Commercial Bank for Industry and Trade or Vietinbank (CTG) with 2.28 million shares.

Tan Tao Investment Industry Corporation (ITA) came in third with 1.42 million shares traded.

 Cu Chi Commercial and Industrial Developing Investment Joint Stock Company (CCI) and Urban Development and Construction Corporation (UDC) both dropped the daily maximum allowed limit of 5 percent to VND17,100, and VND13,300 respectively.

PetroVietnam Finance Joint Stock Corporation (PVF) resumed its losing trend, declining 4.98 percent to VND21,000.

Hamico Group Mineral Joint Stock Company (KSH) slipped 4.92 percent to VND29,000.

Viky Plastic Joint Stock Company (VKP), Vien Dong Pharmaceutical Joint Stock Company (DVD), and Traphaco Joint Stock Company (TRA) all sprang 5 percent to VND4,200, VND18,900, and VND52,500 respectively.

Ha Do Group Joint Stock Company (HDG) built up 4.93 percent to VND74,500.

Hoa Binh Construction & Real Estate Corporation (HBC) mounted 4.79 percent to VND32,800.

The smaller bourse in the north dropped also opened week in low note as the Hanoi’s HNX-Index collapsed 1.48 percent, or 1.44 points, to close at 95.92 points. Around 32 million shares worth VND506.7 billion due to changed hands.

Meanwhile, the UPCom-Index of unlisted shares market inched up 0.62 points to 40.23 points this morning. A total of 160,000 shares changed hands at a value of VND1.93 billion as of 11:20 am local time.

By Thuong Nhan

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