Market Shuns Blue Chips

A preference for small cap stocks over their larger brethren sent the VN-Index down 6.99 points to close at 927.14 at the Ho Chi Minh Stock Exchange on Monday.

The biggest losers were Pha Lai Thermal Power (PPC) and Kinh Do Food (KDC), which shed VND3,000.

Also hit were Vinamilk (VNM), FPT Corporation (FPT) and Saigon Cables & Telecommunications Materials (SAM), down VND2,000, and Petro Viet Nam Drilling and Well Services (PVD), which cast off VND1,500.

Song Da Urban & Industrial Zone Investment and Development (SJS) and Tan Tao Industrial Zone (ITA) fell VND1,000, while REE Technology (REE), Schenker-Gemadept Logistics (GMD), Vinh Son Hydropower (VSH) and Sacombank (STB) were unchanged.

Sacombank’s good result for the first eight months, a VND900 billion profit, helped keep its price firm at VND55,000 for the second session in a row.

Small caps were the most actively traded today, probably in the hope of making a quick profit. The upshot was that 20 lowly priced stocks made decent gains.

Among them, Lam Dong Minerals & Building Materials (LBM), National Seed (NSC) and Petrolimex Joint Stock Tanker Company (PJT) added VND2,500, My Chau Printing and Packing (MCP) put on VND2,000 and Cavico Viet Nam Mining and Construction (MCV) went up VND1,700.

By staff writers - Translated by Hoang Uy

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