Stocks dip after thin trading

The Ho Chi Minh City exchange headed south for the fifth straight day on Monday, with the VN-Index falling 2.2 points, 0.8 percent, to 272.31 at the close.

Trading on the market remained quiet, with a mere 5 million shares worth VND98 billion ($5.6 million) being exchanged. Among the index members, 88 fell against 50 rising.

Pha Lai Thermal Power Joint-Stock Co. (PPC), Vietnam’s largest power supplier by market value, advanced the most in a week, climbing 1.7 percent to VND17,800. Vietnam will raise electricity prices by an average 8.9 percent to VND948 per kWh next month, the government said.

North Kinh Do Food Joint-Stock Co. (NKD), the Hanoi-based bakery firm, fell 4.49 percent, to VND14,900. KITMC Worldwide Vietnam RSP Balanced Fund has cut its holding stake in the company to 4.95 percent from 5.2 percent, according to a statement posted on the exchange’s website.

Ha Long Canned Food Joint-Stock Co. (CAN) closed 2.02 percent lower, at VND9,700. Doan Van Minh, a member of the board at the cannery, plans to buy 20,000 shares to increase his holding to 32,000 shares, Dau Tu Chung Khoan magazine alleges. The purchase starts February 16 and will be completed by April 1.

Traphaco Joint-Stock Co. (TRA), a pharmaceutical manufacturing company, remained unchanged at VND39,000. Profits rose 20.31 percent last year to VND46 billion ($2.6 million), according to a statement on the exchange’s website.

Taya Vietnam Electric Wire and Cable Joint-Stock Co. (TYA), which manufactures electrical wires and cables for buildings and automobiles, slipped 4.65 percent to VND8,200. The company posted a loss of VND110 billion ($6.3 million), Dau Tu Chung Khoan magazine reported.

My Chau Printing & Packaging Holdings Co. (MCP) edged down VND100, 0.95 percent, to VND10,400. Tran Thanh Tung, head of the supervisory department plans to buy 10,000 shares, starting from February 13 to raise his holding to 29,384 shares, according to a statement filed on the exchange’s website. The purchase will be completed by March 11.

Saigon Telecommunication & Technology Corp. (SGT), known as SaigonTel, was among today’s winners, rising 1.42 percent to VND21,400. Major shareholder Kinh Bac City Development Share Holding Corp. registered to buy 1,643,380 shares to raise its holding in the company to 22.3 percent from 19.5 percent, starting from February 12, the exchange said in a statement on its website.

The smaller bourse in Hanoi also lost ground today as the HaSTC-Index dropped 0.91 point, 1 percent, to close 90.03.

By Thieu Gia

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