VN-Index slides due to lending rates’ raise

Vietnam’s benchmark VN-Index dropped the first time in four days on March 9 after the central bank raised refinancing and discounting rates to 12 percent from 11 percent yesterday in an effort to ease rising inflation.

The measure which tracks 281 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange fell 1.02 percent, or 4.87 points, to close at 470.51 points.

On the index, 45 stocks climbed, 193 retreated, while 48 remained unchanged.

Trading volume slightly improved over the previous trading session as 31.2 million shares changed hands at a value of VND737 billion.

Saigon Securities Inc. (SSI), the country’s largest brokerage, took the spot of most active share in volume with 1.86 million shares changing hands.

Investment and Trading of Real Estate Joint Stock Company (ITC) followed with 1.44 million shares changed hands.

Saigon Thuong Tin Commercial Bank or Sacombank (STB) came in next with 1.25 million shares.

Hoang Long Group (HLG), Long Hau Corporation (LHG) and TMT Automobile Joint Stock Company (TMT) all plunged the daily maximum allowed limit of 5 percent to VND7,600, VND38,000, and 11,400 respectively.

Cavico Viet Nam Mining & Construction Joint Stock Company (MCV) marched south for three days in a row, contracting 4.95 percent to close at VND9,600.

Sao Vang Rubber Joint Stock Company (SRC) sank 4.87 percent to VND21,500.

Rang Dong Plastic Joint Stock Company (RDP) rebounded 4.88 percent to VND12,900.

House Vietnam Joint Stock Company (NVN) climbed for three consecutive days, adding up 4.85 percent to VND23,800.

Materials - Petroleum Joint Stock Company (COM) recovered 4.73 percent to VND31,000.

The smaller bourse in the north closed at the lowest level in the past two years as the Hanoi’s HNX-Index tumbled 1.78 percent, or 1.6 points, to close at 88.45 points. Trading volume slightly rose over the previous trading session as 31.8 million shares worth VND445.07 billion changed hands.

Meanwhile, the UPCom-Index of unlisted shares market adjusted 0.13 points to 38.79 points this morning. A total of 452,756 shares changed hands at a value of VND4.23 billion.

By Phong Linh

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