Market falls for fourth straight day

The Ho Chi Minh Stock Exchange wrapped up the week on lower note on Friday.

The VN-Index, dropped for a fourth day

The VN-Index, dropped for a fourth day, falling 1.7 percent to 438.83 points. Among the index members, 20 advanced, 123 declined and 20 were unchanged.

Despite the market’s four-day fall, brokers said it will not plummet, as foreign investors have remained net sellers since early this year. Foreign players bought a net volume worth VND4 billion of shares.

Ho Chi Minh Infrastructure Investment (CII), a construction and property company, dropped 3.7 percent, the most since July 1, to close at a one-week low of VND39,500.

Vietnam Dragon Fund, managed by Dragon Capital, one of Vietnam’s largest fund managers, trimmed its holdings to 4.2 percent from 5.4 percent by selling 470,000 shares, Ho Chi Minh Infrastructure said in a statement to the exchange after the market closed yesterday. The fund still holds 1.7 million shares, it said.

Sao Ta Foods Joint-Stock Co. (FMC), a company that produces and trades fish and shrimp, rose 4.9 percent to VND12,900, the highest level since June 29.

The company posted a 15 percent rise in June earnings to US$5 million, Sao Ta, based in the southern province of Soc Trang, said in a statement on its website. Earnings climbed, as the shrimp harvest has started, helping the company to boost production to meet rising demand, the statement said.

Sai Gon Cable (CSG), a manufacturer of telecommunication and electrical cables, became the 163rd member of the exchange when it started trading about 29.7 million shares today. The shares dropped seven percent to VND15,900, from its starting price of VND17,600, valuing the company at more than VND472 billion ($26.5 million).

At the smaller bourse in Hanoi, the HNX-Index closed lower 2.01 points, 1.35 percent, to finish at 146.37.

By Sao Ly

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