HCMC market to make u-turn after slumping to 250: analyst

The Ho Chi Minh Stock Exchange continued its travels south on Wednesday as the benchmark VN-Index closed down 8 points, 3 percent, at 255.09.

More than 10 million shares worth VND207 billion ($11.8 million) were traded today. Among the index’s 178 members, 134 fell and 15 rose.

“I expect VN-Index will drop to the 250 mark before strongly bouncing back,” said Nguyen Quang Hieu, technical analyst from the HCMC-based Sacombank Securities Co.

Property firm NBB Investment Corp. (NBB) made its trading debut today, becoming the
178th member on the nation’s main exchange (any mention of the 177th, there were 176 yesterday). Shares dropped by the maximum trading limit of 20 percent to VND21,600, according to the exchange.

Bien Hoa Confectionery Joint-Stock Co. (BBC), known as Bibica, climbed 2.8 percent to VND10,900. The HCMC-based confectioner plans to buy back 150,000 shares between February 25 and May 25, according to a statement by the exchange today.

PetroVietnam Transportation Corp. (PVT), known as PV Trans, Vietnam’s biggest shipper of petroleum and petrochemical products by market value, dropped 2.8 percent to VND14,100. The company said it will sell 75.6 million additional shares to raise its registered capital to about VND1.5 trillion ($86 million) this year up from VND720 billion, Vietnam News reported.

Hoa Binh Rubber Joint-Stock Co. (HRC) fell 4.8 percent to a record low of VND19,900. Vietnam’s rubber industry, this year, will face many more challenges as exports are dependent on world prices, the Vietnam Rubber Association said on its website.

Ben Tre Aqua-Products Import-Export Joint-Stock Co. (ABT) inched up 0.4 percent, to VND22,900. Net profits rose 6.4 percent last year to VND41.5 billion ($2.4 million).

The Hanoi exchange, HaSTC-Index, continued to slide after yesterday’s all time low, losing a further 3.39 points, 3.85 percent, to finish at 84.62.

Reported by Thieu Gia

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