Power price hike sends market down

Vietnam’s benchmark VN-Index retreated on December 20 after monopoly power supplier Vietnam Electricity unexpectedly raised its price by 5 percent, effective from today, fueling concerns that inflation would return.

The gauge of 302 companies and five mutual funds listed on the Ho Chi Minh City Stock Exchange dipped 0.47 percent, or 1.73 points, to close at 365.67 points.

Among the index members, 55 leaped forward, 177 declined, while 75 remained unchanged.

Trading on the city bourse rose by 25 percent in volume, and 22 percent in value over the previous day as 46.46 million shares changed hands at a total value of VND747 billion.

The fourth largest listed bank Saigon Thuong Tin Joint Stock Commercial Bank or Sacombank (STB) won the spot of most active share in volume with 1.43 million shares changing hands.

The third largest listed bank Vietnam Commercial Joint Stock Export Import Bank or Eximbank (EIB) took second rank with 1.31 shares.

Sacom Development & Investment Corporation Joint Stock Company (SAM) followed with 1.2 million shares traded.

Phu Tai Joint Stock Company (PTB) plummeted 22.22 percent to close at VND10,500.

Ho Chi Minh City Securities Corporation (HCM) removed 7.64 percent to close at VND14,500.

Basa Joint Stock Company (BAS) sank for three consecutive days, paring 6.67 percent to VND1,400.

Cadovimex Seafood Import-Export & Processing Joint Stock Company (CAD) rebounded 6.25 percent to close at VND1,700.

Meca Vneco Investment & Electricity Construction Joint Stock Company (VES) rallied 5.56 percent to VND1,900.

Saigon Beverages Join Stock Company (TRI), and Vietnam Active Fund (VFMVFA) jumped 5 percent to finish at VND2,100 and VND4,200 respectively.

Hanoi’s HNX-Index of the smaller bourse in the north corrected 1.43 percent, or 0.86 points, to close at 59.33 points. Around 28.5 million shares changed hands at a value of VND242.8 billion.

The UPCoM-Index of unlisted shares slid 0.15 percent, or 0.11 points, to 34.11 points at 2:08 pm local time. More than 5.2 million shares changed hands at VND247.85 billion.

By Thuy Doan

Other news