Market finishes week in bearish sentiment

Vietnam’s benchmark VN-Index declined for seven straight trading sessions on May 20 as investors continued to sell off shares to cut losses on speculation that the downturn would remain for longer.

The measure of 284 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange slumped 2.69 percent, or 11.98 points, to close at 432.87 points.

This week, the index lost 46.8 points, or 10.15 percent, plunging to a seven-month low.

On the benchmark, 48 stocks rallied, 166 retreated, while 75 remained unchanged.

Trading volume on the city bourse changed little over the previous trading session as nearly 26.74 million shares changed hands at a value of VND587 billion.

Saigon Securities Inc. (SSI), the country’s largest brokerage, led the list of most active shares in volume with 1.51 million shares changing hands.

It was followed by Vietnam Commercial Joint Stock Export Import Bank or Eximbank (EIB) with 1.15 million shares.

Ho Chi Minh City-based Refrigeration Electrical Engineering Corporation (REE) came in third with 935,080 shares traded.

Cho Lon Water Supply Joint Stock Company (CLW) shrank 14.1 percent to close at VND6,700. The company will pay dividends for the year 2010 to its current shareholders in cash at a ratio of 10 percent on June 10.

Other losers on the southern trading floor included Hoa Phat Group Joint Stock Company (HPG), Ngo Han Joint Stock Company (NHW), and Thu Duc Water Supply Joint Stock Company (TDW).

Na Ri Hamico Mineral Joint Stock Company (KSS) curbed its eight-day-losing streak, bouncing 5 percent to VND14,700.

Vinh Hoan Corporation (VHC) recovered 4.81 percent to VND28,300.

Cuu Long Petro Urban Development & Investment Corporation (CCL) and Interfood Shareholding Company (IFS) both emerged 4.76 percent to VND13,200.

The Hanoi’s HNX-Index of the smaller in the north marched south for nine consecutive trading sessions, plummeting 1.61 percent, or 1.26 points, to close at 76.98 points, a record low of the index since it was established six years ago. Trading volume slightly inched up over the previous trading session as 25.7 million shares worth VND315.05 billion changed hands.

Meanwhile, the UPCoM-Index of unlisted shares shed 0.13 points to 33.94 points this morning. A total of 83,200 shares changed hands at a value of VND814.23 million.

By Vinh Nghi

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