Stock market spoils two green days over worries about foreign sharp selling

VN-Index, a measure of 174 companies and four closed-end funds on the city’s bourse fell 6.2 points, or 2.5 percent, to close at 241.46.

Two stocks fell for every that rose on the index. Trading volume accounted to around 9 million shares worth VND152 billion.

Domestic investors hesitated to buy shares that plunged to attractive prices, fearing of foreign players’ sharp selling, the Vietnam International Securities Corp. (VIS) told investment newsletter Dau Tu Chung Khoan.

Additionally, most of investors also think the market has not yet dropped to its bottom, the brokerage said. VIS anticipated the market will remain in downturn this week.

Foreigners were still net sellers today, notching up VND16.2 billion from selling shares. Among shares they dumped heavily were cable maker Viet – Han Corp. (VHG), Saigon Securities Inc. (SSI) and bakery firm Kinh Do Corp. (KDC).

Hoa Binh Rubber Joint-Stock Co. (HRC), a rubber producer, slipped 2.1 percent, to 19,000. Vietnamese rubber companies may earn 15 percent less from rubber exports this year on lower prices, the Thoi Bao Kinh Te Vietnam newspaper reported today, citing government forecasts.

Kinh Bac City Development Shares Holding Corp. (KBC), the second-biggest company by market value on Vietnam’s smaller bourse in Hanoi, rose 7 percent to VND25,500. It plans to sell bonds for the first time this year to raise funds for construction projects.

Vinh Hoan Corp. (VHC), a seafood processor and trader, rose 4.6 percent to VND18,100. Vinh Hoan, based in the Mekong delta province of Dong Thap, said it has gained the farming certification from the Swiss Institute for Market Ecology and planned to expand the farming area and increase production at its processing plants this year, according to its Web site.

The Hanoi exchange’s HaSTC-Index lost 2.2 percent to close at 81.76.

Reported by Thieu Gia

Other news