VN-Index makes correction as bank shares drop

Vietnam’s benchmark VN-Index edged down on February 15 as bank shares dropped drastically after a State Bank of Vietnam official revealed the shocking news that a dozen banks were facing collapse, however, losing momentum slowed down thanks to bottom fishing demand.

Shares of 301 companies and five mutual funds listed on the Ho Chi Minh City Stock Exchange de-activated 0.71 per cent, or 2.85 points, to close at 397.41 points.

Trading on the city bourse improved by 25 per cent in volume and 23 per cent in value over the previous day as around 45.75 million shares changed hands at a total value of VND791.56 billion.

Vietnam Commercial Joint Stock Export Import Bank or Eximbank (EIB) was the most active share in volume with 1.92 million shares changing hands.

IDICO - Petroleum Trading Construction Investment Joint Stock Company (PXL) became the runner-up with 1.81 million shares traded.

Tan Tao Investment & Technology Joint Stock Company (ITA) finished third with 1.45 million shares.

Cadovimex Seafood Import-Export & Processing Joint Stock Company (CAD) slashed 6.67 per cent to close at VND1,400.

Dat Xanh Real Estate Service & Construction Corporation (DXG), Hoa Binh Rubber Joint Stock Company (HRC), and Saigon General Service Corporation (SVC) all shrank 5 per cent to close at VND7,600, VND38,000, and VND15,200 respectively.

Imexpharm Corporation (IMP) crashed 4.98 per cent to close at VND40,100.

Viky Plastic Joint Stock Company (VKP) shot up 20 per cent to close at VND600.

Basa Joint Stock Company (BAS) resurrected 12.5 per cent to close at VND900.

Meca Vneco Investment & Electricity Construction Joint Stock Company (VES) regained 5.88 per cent to close at VND1,800.

The VN30 Index slid 4.14 points, or 0.92 per cent, to end at 446.08 points, the lowest since it was created last week. Among its 30 members, 5 stocks rallied, 18 declined and 7 closed unmoved.

Meanwhile, Hanoi’s HNX-Index of the smaller bourse in the north collapsed 2.16 per cent, or 1.33 points, to close at 60.21 points. Around 35.92 million shares changed hands at a total value of VND309.81 billion.

The UPCoM-Index of unlisted shares rebounded 0.32 per cent, or 0.11 points, to 34.45 points at 11.30 am local time. A total of 2,740,200 shares were traded at VND130.39 billion.

By Thuy Doan

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