Stocks unchanged as investors remain cautious

Vietnam’s major stock exchange in Ho Chi Minh City continued to tread water on Wednesday as shareholders sold shares to take profits, while investors bought heavily only at opening prices or less.

VN-Index, the measure of 174 stocks on the bourse, hovered around 556.98, edging up 0.23 points, 0.04 percent.

Of the index members, 69 stocks advanced and 91 dropped. Trading volume slid five percent, accounting for 65.5 million shares worth VND3.32 trillion.

As third-quarter earnings results of listed companies have been released already, analysts said investors are now in a cautious mode, waiting for data on macroeconomic factors. They also added to sentiment on the HCMC stock exchange, which has been affected a little by recent net selling by foreign investors.

Foreigners remained net sellers for eight trading days, selling shares worth VND137 billion today. Among the shares they dumped, the heaviest were Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII), Gemadept Corporation (GMD), steel producer Hoa Phat (HPG) and Vinh Son – Song Hinh Hydropower JSC (VSH).

Hoang Long Group (HLG) rose 4.83 percent to close at VND45,600. The construction firm said on the exchange’s website that Nguyen Hoang Tuan, son of supervisory board member Nguyen Tuan Kiet, sold 11,000 out of his holding of 16,000 shares before September 26.

Southern Seed Corporation (SSC) inched up 0.97 percent to VND52,000. The company sold 100,000 out of 100,680 shares it had bought back before this month, according to a statement on the exchange’s website.

It also informed the bourse that Nguyen Tien Hiep, board member and chief accountant, cut his stake from 0.1 percent to 0.05 percent by selling 5,000 shares early this month.

Tan Tao Group (ITA) closed lower 1.28 percent at VND38,500. The industrial zone operator announced on the bourse’s website that Le Thi Phuong Chi, member of the supervisory board, registered to sell 10,000 out of 10,447 shares.

At the smaller bourse in Hanoi, the HNX-Index advanced 1.59 points, 0.92 percent, to close at 174.87.

The UPCoM-Index of unlisted stock gained 0.89 points, 1.39 percent, to end 63.32 points, as of 11am.

By Gia Han

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