Stocks fall off the cliff as investors book profits

The Ho Chi Minh Stock Exchange moved into negative territory on Friday as investors sold off shares to take profits.

The VN-Index of 181 leading shares ended of the day on a weak note, losing 9.74, or 2.83 percent, to close at 334.14.

Turnover reached a fresh all-time high of 61.3 million shares worth VND1.6 trillion ($90 million) as 106 stocks lost grounds and 59 moved up.

Foreign investors remained net buyers for four days in a row, spending a net amount of VND20.8 billion worth of shares.

Their top picks of the week were PetroVietnam Fertilizer and Chemical Joint-Stock Company (DPM), FPT Corporation (FPT), Hoa Phat Group (HPG) and PetroVietNam Transportation Corporation (PVT).

Cat Loi Joint-Stock Company (CLC) slipped marginally 0.5 percent to close at VND18,200. The firm announced on the exchange’s Web site it will pay VND500 dividend and go ex-dividend on April 27.

Imexpharm Pharmaceutical Joint-Stock Company (IMP) rose by the maximum daily trading limit of 5 percent to VND53,500. The drug maker will pay VND1,000 dividend, according to a statement on the bourse’s Web site yesterday. It will also go ex-dividend on April 27.

Saigon Securities Incorporation (SSI) retreated after moving up for 11th straight trading day, closing lower 4.95 percent at VND44,200. The Hanoi-based brokerage, Vietnam’s biggest securities company, was approved to issue more than 16 million additional shares on the Ho Chi Minh Stock Exchange.

NBB Investment Corporation (NBB) plunged 4.85 percent to VND31,400. The property firm informed to the exchange that it planned to buy back 10 percent of its shares outstanding of 15.4 million shares this year.

Post and Telecommunications Investment and Construction Joint-Stock Company (PTC) closed at VND10,000, showing a sharp increase of 4.17 percent. The company said on the exchange’s Web site that Post and Telecommunication Finance Company will buy 200,000 shares to raise its stake to 3.58 percent from 1.58 percent in both off- and on-market trades.

The purchase will begin on April 20 and finish on May 20.

The smaller bourse in Hanoi also fell into the red over heavy selling, with the HaSTC-Index of 179 medium and small stocks plummeting 6.89, or 5.32 percent, to 122.56.

Reported by Phong Linh

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