Stocks move lower on profit-taking

Profit-taking after two days of rises sent Ho Chi Minh City stocks plunging Thursday as the VN-Index ended 5.43 points, or 1.7 percent, down at 314.15.

Turnover was 13.5 million shares worth VND349 billion. Of the index’s members, 122 declined, 29 advanced, and 24 were unchanged.

FPT Corp. (FPT) was among the losers, giving up VND1,500, or 2.83 percent, to close at VND51,500. The Hanoi-based software developer said on the exchange’s website that Hoang Nam Tien, a director, has registered to sell 456,000 shares for “personal financial need.”

Mr. Tien will hold around 1.82 million shares after the sale, which is scheduled to finish before March 31.

Sacombank (STB), the exchange’s only listed lender, fell VND200, or 1.08 percent, to VND18,400. The HCMC-based bank bought back 18,265,270 shares, spending 73.06 percent of the amount it earmarked for the buyback, according to the exchange’s website.

Lu Gia Mechanical Electric Joint Stock Company (LGC) lost VND1,000, or 4.81 percent, to close at VND19,800. Deputy chairman Cao Tan Khuong and his wife, Do Cam Hong, sold 18,310 and 3,020 shares respectively last month.

Mr. Khuong still holds 39,790 shares and Ms. Hong owns 7,505.

Vinh Son Son Hinh Hydropower Joint-Stock Co. (VSH) slipped VND200, or 0.7 percent, to finish the day at VND28,300.

The power supplier said on the exchange’s website that the Electricity of Vietnam (EVN), one of its major shareholders, has sold nearly 33 million shares in an off-market deal to the State Capital Investment Corp., an investment arm of the Government.

EVN holds more than 42 million shares in Vinh Son after the sale.

Sai Gon Fuel Co. (SFC) closed at VND50,000, after rising VND2,000, or 4.17 percent, from Wednesday. DaiViet Energy, one of its major shareholders, has raised its stake from 13.1 percent to 15.5 percent by buying 82,150 shares.

The Hanoi stock exchange also lost as the HaSTC-Index slid 1.36 points, or 1.27 percent, to close at 105.67.

Reported by Thieu Gia

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