Stocks retreat on fading confidence

Vietnam’s benchmark VN-Index went south on October 17 as investor confidence is waning on speculation of further declines amid draining liquidity.

The gauge which tracks 297 companies and five mutual funds listed on the Ho Chi Minh City Stock Exchange shrank 0.88 percent, or 3.65 points, to close at 410.84 points.

Among the index members, 45 advanced, 163 retreated, while 94 remained unchanged.

Trading on the city bourse improved by 20 percent in volume and 35 percent in value over the previous day as around 26.4 million shares changed hands at a total value of VND443 billion.

Vietnam Commercial Joint Stock Export Import Bank or Eximbank (EIB) won the spot of most active share in volume with 1.42 million shares changing hands.

Becamex Infrastructure Development Joint Stock Company (IJC) followed with 1.04 million shares traded.

Ocean Group Joint Stock Company (OGC) tailed after with 972,260 shares.

Cuu Long Fish Joint Stock Company (ACL) destroyed 42.86 percent to close at VND18,000.

Can Don Hydro Power Joint Stock Company (SJD) demolished 12.73 percent to VND9,600. The company will pay dividends to its current shareholders for the year of 2010 in cash at a ratio of 15 percent on October 28.

Other losers included Binh Thuan Hamico Mineral Joint Stock Company (KSA), Tien Giang Investment and Construction Joint Stock Company (THG), and SPM Joint Stock Company (SPM).

Transport Engineering Construction & Business Investment Joint Stock Company 584 (NTB) snapped its four-day losing streak, jumping 4.84 percent to VND6,500.

Rang Dong Plastic Joint Stock Company (RDP) bounded 4.35 percent to VND9,600.

Chuong Duong Beverages Joint Stock Company (SCD) climbed the fourth day, adding up 4.32 percent to VND14,500.

Meanwhile, the Hanoi’s HNX-Index of the smaller bourse in the north slumped 1.06 percent, or 0.73 points, to finish at 68.46 points. Around 25.85 million shares changed hands at a value of VND251.54 billion.

The UPCoM-Index of unlisted shares slid 0.26 percent, or 0.08 points, to 30.27 points at 2:25 pm local time. A total of 118,118 shares changed hands at a value of VND713 million.

By Thuy Doan

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