Investors keep out of market ahead of 2008 results

Trading at the Ho Chi Minh Stock Exchange was low-key Monday as investors appeared to wait for companies’ earnings results to be released after the lunar New Year holiday.

The VN-Index, Vietnam’s major stock index, closed 1.14 points, or 0.37 percent, lower at 304.98.

Only 4.47 million shares worth VND106 billion ($6 million) were traded as 50 stocks advanced and 81 declined.

“Most stocks have slumped to very low levels but investors are still waiting for last year’s results, which will be released after the New Year break,” a HCMC dealer said.

The exchange will remain closed for the New Year from January 26 to 29.

Construction & Materials Trading Joint-Stock Co. (CNT) gained for the first time in five days, rising VND300, or 2.8 percent, to close at VND11,200. Pham Anh Tuan, general director, bought 10,000 shares to raise his holding to 43,360 shares, the company said in a statement filed on the bourse’s website.

Saigon Thuong Tin Commercial Joint-Stock Bank (STB), or Sacombank, the exchange’s only listed lender, fell for a second day, losing VND200, or 1.1 percent, to VND17,700. International Finance Corp. sold 1 million shares to trim its stake in the Ho Chi Minh City-based bank to 24.9 million shares, or 4.86 percent.

Vinh Son-Song Hinh Hydropower Joint-Stock Co. (VSH VN), the second-biggest power company traded on the stock exchange, fell by VND100, or 0.4 percent, to close at VND28,300. Saigon Securities Inc. sold 243,500 shares to cut its holding in
the company to 6.8 million shares, or 4.97 percent, Vinh Son-Song Hinh said.

DIC Investment & Trading Joint-Stock Co. (DIC VN), a provider of investment services for construction projects, rose VND300, or 1.9 percent, to VND16,200. The Ho Chi Minh City-based company said in a statement on January 16 that it would pay a dividend of 19 percent, including 14 percent in cash and 5 percent in the form of bonus shares.

Reported by Thieu Gia

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