VN-index Dips

The VN-Index shed 4.69 points to close at 1,065.09 on Wednesday as there were 55 losers and 48 winners on the Ho Chi Minh City Stock Exchange, just one day after it rebounded.

It was a bad day for blue chips including Vinamilk (VNM) and newcomer Saigon Securities (SSI). Although Vinamilk (VNM) attracted substantial interest from foreign institutions, its charm was too weak to tempt Vietnamese investors and its stock dropped VND5, 000.

Meanwhile, investors were puzzled when there were massive sell orders for Saigon Securities (SSI) despite its good financial report. Since being listed on the southern bourse only 3 days ago, SSI has seen the volume of its shares changing hands equal to the total turnover at the Ha Noi bourse for one entire month.

Kinh Do Corporation (KDC) has recently seen an continuous drop, reaching VND203,000 per share this morning. Other big caps such as Schenker - Gemadept Logistics (GMD), and Vincom (VIC) each dropped VND2,000; Petro Viet Nam Drilling and Well Services (PVD) and REE Technology (REE) fell VND1,000 while Sacombank STB dipped VND500.

Bucking the trend, Sudico (SJS) rose by VND6,000, FPT Corporation (FPT) and Tan Tao Industrial Zone (ITA) rose VND2,000, Saigon Cables & Telecommunication Materials (SAM) up VND1,000, and Vinh Son Hydropower (VSH) and Viet Nam Electricity Construction (VNE) up VND500.

Investors are currently pinning their hopes on electrical companies including Khanh Hoa Power (KHP), Ry Ninh II Electric (RHC) and pharmaceutical firms such as Hau Giang Pharmacy (DHG). They however are uninterested in seafood companies.

By Tuong Chau – Translated by Kim Khanh

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