VN-Index Sags Some More

In this morning’s session, investors at the HCMC bourse sweat bullets as the VN-Index dropped 7.74 points to close at 972.35. Volume, however, rose slightly with over 8.51 million of shares traded at a value of VND852.97 billion.  

Rumors about Vietcombank’s IPO continued teasing the market. Now, the bank is said to be planning to sell its shares at an initial price of VND80,000 with a deposit of 20% from investors. But the rumors didn’t have much effect as investors seemed determined to wait for the bank’s official announcement, to be issued in early December.

Most of Sacombank (STB)’s shares changed hands at their reference price while other stocks sagged, resulting in an ongoing market slump. During the session, prices of 71 stocks dropped while only 33 others rose. 

Specifically, Vinamilk (VNM), Tan Tao Industrial Park (ITA) and Petro Vietnam Drilling Well Services (PVD) dropped VND 3,000, Pha Lai Thermal Power (PPC) dropped VND2,000, while Vinh Son Hydro Power (VHS) declined VND1,500. Thanh Cong Textile Garment (TMC) rose VND3,500 to their upper price limit, Saigon Securities (SSI) rose VND4,000 and Phu My Fertilizer and Chemicals (DPM)  increased VND500.

At the Ha Noi bourse, the HASTC-Index fell a mere 1.23 points to close at 341.1 points.

By Tuong Chau- Translated by Phuong Lan

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