VN-Index loses ground on eroding sentiment

Stocks on the Ho Chi Minh Stock Exchange plunged for the second day, sending the Vietnam’s benchmark VN-Index to a seven-week low on July 12 as investors lost confidence amid signs showed that the central bank would not loosen credit policy.

The shares of 289 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange dumped 1.84 percent, or 7.84 points, to close at 417.25 points.

On the index, 54 stocks advanced, 162 declined, while 78 treaded water.

Trading on the city bourse improved by 50 percent in volume and 83 percent in value over the previous trading session as 32.2 million shares changed hands at a value of VND644 billion.

Saigon Thuong Tin Joint Stock Commercial Bank or Sacombank (STB) stayed on the spot of most active share in volume for four consecutive trading sessions with 1.86 million shares changing hands.

Saigon Securities Inc. (SSI), the country’s largest brokerage, followed with 1.13 million shares traded.

Ho Chi Minh City-based Refrigeration Electrical Engineering Corporation (REE) tailed after with 1.09 million shares.

Dien Quang Joint Stock Company (DQC) resumed its losing streak, falling the fourth day, giving up 6.79 percent to VND15,100. The company will pay dividends for the year 2010 to its current shareholders in cash at a ratio of 12 percent on August 3.

Binh Duong Mineral & Construction Joint Stock Company (KSB), Nui Nho Stone Corporation (NNC), and Petrolimex Joint Stock Tanker Company (PJT) collapsed 5 percent to close at VND49,400, VND30,400, and VND5,700 respectively.

Cuong Thuan IDICO Development Investment Corporation (CTI) sank 4.98 percent to close at VND19,100.

Sieu Thanh Joint Stock Corporation (ST8) enhanced 4.84 percent to VND13,000.

Viky Plastic Joint Stock Company (VKP) added up 4.76 percent to VND2,200.

Chuong Duong Beverages Joint Stock Company (SCD) recovered 4.74 percent to close at VND19,900.

Meanwhile, the Hanoi’s HNX-Index of the smaller in the north swam upstream, closing up 0.47 percent, or 0.34 points, to finish at 72.28 points. Trading volume on the northern market strongly rose over the previous trading session as 24.33 million shares changed hands at VND251.56 billion.

The UPCoM-Index of unlisted shares slid 0.09 percent, or 0.03 points, to 32.43 points as of 1:45 pm local time. A total of 159,230 shares changed hands at a value of VND1.16 billion.

By Mai Tuyet

Other news