VN-Index sinks to two-year low

Stocks on the Ho Chi Minh Stock Exchange plunged for eight consecutive trading sessions, dragging the Vietnam’s benchmark VN-Index to near a two-year low on May 23 as investors scrambled for selling off shares to escape from the feeble market.

The gauge of 284 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange nose-dived 3.48 percent, or 15.05 points, to close at 417.82 points, the lowest level since July 2009.

On the index, there were only 34 stocks gained, 206 dropped, while 49 remained unchanged.

Trading on the city bourse improved by 19 percent in volume and 8 percent in value over the previous trading session as 31.75 million shares changed hands at a value of VND629 billion.

Saigon Securities Inc. (SSI), the country’s largest brokerage, stayed at the position of most active shares in volume with 2.35 million shares changing hands.

Vietnam Commercial Joint Stock Export Import Bank or Eximbank (EIB) tagged along with 1.85 million shares.

Saigon Thuong Tin Joint Stock Commercial Bank or Sacombank (STB) chased after with 1.44 million shares.

Everpia Vietnam Joint Stock Company (EVE) crippled 34.84 percent to close at VND26,000. The company will pay dividends to its current shareholders in cash at a ratio of 20 percent on June 15. It will also issue 7,663,998 bonus shares to reward its current shareholders at a ratio of 50 percent.

An Phu Irradiation Joint Stock Company (APC) ground 18.25 percent to VND11,200. The company’s current shareholders will receive dividends for the year 2010 in cash at a ratio of 20 percent on June 20.

Bao Minh Insurance Corporation (BMI) retreated for four straight days, giving up 15.44 percent to VND11,500. The company will pay dividends for the year 2010 to its current shareholders in cash at a ratio of 15 percent on June 15.

House Vietnam Joint Stock Company (NVN) rebounded the second day, climbing up 4.86 percent to VND15,100.

Post & Telecommunications Investment And Construction Joint Stock Company (PTC) built up 4.72 percent to VND13,300.

Ngo Han Joint Stock Company (NHW) recovered 4.51 percent to VND13,900.

The Hanoi’s HNX-Index of the smaller in the north extended its losing streak to ten consecutive trading sessions, eroding 3.22 percent, or 2.48 points, to close at 74.5 points. Trading volume strongly improved over the previous trading session as 31.3 million shares worth VND354.6 billion changed hands.

Meanwhile, the UPCoM-Index of unlisted shares ripped 0.34 points to 33.55 points this morning. A total of 95,100 shares changed hands at a value of VND700 million as of 11:15 am local time.

By Quy Doan

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