Stocks slide to one month low

The Ho Chi Minh Stock Exchange remained bearish on Monday over quiet trading.

The VN-Index, Vietnam’s major stock index, dropped 3.7 percent to 412.88 points, the lowest in a month. Among the index members, 147 companies declined, 14 rose and 2 remained unchanged.

Turnover remained fairly low, with only 26.7 million shares being traded for VND903 billion (US$50.7 million).

Lu Gia Mechanical Electric Joint-Stock Company (LGC), a company that manufactures street lighting and traffic signals, fell 4.5 percent to VND21,100, the lowest since April 27.

The company will list 753,051 shares on July 23, according to a statement filed to the stock exchange’s website July 17.

Thien Nam Trading Import Export Corp. (TNA), an importer of confectionery and trader of electrical appliances, steel and truck components, slumped 4.91 percent to close at VND25,200. 

Thien Nam posted pretax profits of about VND9 billion ($505,000) in the first half of the year, down from VND9.4 billion in the same period last year, according a statement on the bourse’s website after the market closed.

Hoang Anh Gia Lai Joint-Stock Co. (HAG), Vietnam’s biggest listed property company, slid for a fifth straight day, the longest-losing streak since April 21, falling 0.7 percent, to VND67,000.

Saigon Thuong Tin Commercial Joint-Stock Bank started selling 1.1 million shares in Hoang Anh last week, according to the exchange’s website.

Ho Chi Minh City Infrastructure Investment Joint-Stock Company (CII) was also among today’s losers, losing 2.37 percent to VND37,000. The firm said on the exchange’s website that KITMC Worldwide Vietnam RSP Balanced Fund became one of its most substantial shareholders, buying 136,000 shares.

The purchase started last week, boosting the investment fund’s stake in CII to 5.14 percent from 4.8 percent, according to the statement on the bourse’s website.

The HNX-Index of the smaller exchange in Hanoi fell to its lowest level in the last two months, slipping 3.9 percent to end the day at 138.55.

By Da Nguyet

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