Heavy selling pushes share prices down

Stocks on the Ho Chi Minh Stock Exchange on Monday were sold sharply as investors took profits from previous days of rising, leaving the VN-Index retreating slightly.

VN-Index, a measure of 177 companies on the exchange, fell 0.82 points, 0.1 percent, to 582.02. Among the index members, 73 advanced, 85 dropped, and 19 were unchanged.
Turnover was to around 75.6 million shares worth VND3.5 trillion.

Licogi 16 Joint-Stock Co. (LCG), a Ho Chi Minh City-based builder and property developer, dropped 3.5 percent to VND83,500, the most since July 30. State-owned Infrastructure Development and Construction Corp., known as Licogi, plans to sell its entire 3.5 percent stake in Licogi 16 by December 31, Licogi 16 said in a statement on the exchange’s website.

Bourbon Tay Ninh Joint-Stock Co. (SBT), Vietnam’s biggest listed sugar producer, rose by the maximum trading limit of five percent to a three-week high of VND14,800.

Lam Son Sugar Joint-Stock Co. (LSS), the second-biggest listed sugar company, gained 2.9 percent to a record VND53,000. Bien Hoa Sugar Joint-Stock Co. (BHS), the third-largest listed sugar producer, rallied 4.9 percent to VND36,300, the highest since February 28, 2008.

Sugar prices have almost doubled this year as a drought in India and excess rain in Brazil, the world’s biggest producers, damaged crops, according to Bloomberg. The global shortfall in the year starting October 1 may be 8.3 million tons, compared with a June estimate of 5.1 million tons, Switzerland-based sugar broker Kingsman SA told the newswire September 25.

Phuc Tien Trade & Manufacture Joint-Stock Co. (PHT), which designs and manufactures construction equipment, wall panels and metal roofing, became the 177th company of the bourse when it started trading 11 million shares today. The shares rose by the maximum trading limit on debut of 20 percent to VND30,000, valuing the Hanoi-based company at VND330 billion.

The HNX-Index of the smaller exchange in Hanoi made a contrast move, edging up 0.96 points, 0.52 percent, to finish at 184.43.

At the unlisted stock exchange UPCoM, the UPCoM-Index also rose slightly 0.54 points, 0.8 percent, to 68.17 as of 11 pm.

By Phong Linh

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