VN-Index extends losses as investors opt to flee

Vietnam’s benchmark VN-Index deepened losses on May 14 as investors bartered shares on fear that the index would decline further, causing several shares on the market to slump.

The gauge of 303 companies and five mutual funds listed on the Ho Chi Minh City Stock Exchange nosedived 2.17 per cent, or 10.41 points, to close at 469.69 points with 29 winners, 265 losers, and 14 stocks remaining unchanged.

Trading on the city bourse fell by 3 per cent in volume, but improved by 18 per cent in value over the previous trading session as more than 110.42 million shares changed hands at a total value of VND1.99 trillion.

Military Commercial Joint Stock Bank (MBB) was the most active share in volume with 3.79 million shares changing hands.

Saigon Securities Inc.(SSI), the country’s largest brokerage, followed with 3.14 million shares.

Tan Tao Investment - Industry Corporation (ITA) came next with 2.79 million shares traded.

Da Nang Rubber Joint Stock Company (DRC) gave up 30.04 per cent to close at VND33,300. The company will pay dividends and bonus shares to its current shareholders at a ratio of 50 per cent.

International Gas Product Shipping Joint Stock Company (GSP) lost 12.71 per cent to close at VND10,300. The company will pay dividends to its current shareholders in cash at a ratio of 10 per cent on May 31.

Other decliners on the city bourse included Binh Duong Trade and Development Joint Stock Company (TDC), Viet - Han Corporation (VHG), Sao Mai Construction Corporation (ASM), and Phuong Nam Cultural Joint Stock Corporation (PNC).

Water Supply Sewerage Construction & Investment Joint Stock Company (VSI) accelerated 4.85 per cent to close at VND10,800.

Godaco Seafood Joint Stock Company (AGD) reclaimed 4.44 per cent to close at VND47,000.

National Seed Joint Stock Company (NSC) strengthened 4.35 per cent to end at VND48,000.

The VN30 Index - a free-float adjusted, market cap-weighted index of 30 stocks with the highest market value and liquidity on the exchange – slashed 11.59 points, or 2.12 per cent, to end at 536.35. Among its 30 members, 2 stocks rose, 27 dropped, and 1 closed unmoved.

The Hanoi’s HNX-Index of the smaller bourse in the north tumbled 3.36 per cent, or 2.74 points, to close at 78.84 points with 39 gainers, 274 losers, and 32 stocks treading water. Around 91.48 million shares changed hands at a total value of VND979.12 billion.

Meanwhile, the UPCoM-Index of unlisted shares weakened 0.64 per cent, or 0.23 points, to close at 35.44 points. A total of 335,052 shares changed hands at VND1.61 billion.

By Thuy Doan

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