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Market down after tech giant falls on plans to trim holdings
Vietnam’s bench-mark stock index fell, led by Corp. for Financing and Promoting Technology, one of the biggest on the exchange, after some company officials announced plans to sell part of their stock holdings.
The Ho Chi Minh Stock Exchange’s VN-Index fell 13.17, or 1.6 percent, to close at 833.88, the biggest decline since January 16.
Among 143 index members, five lost for every three that gained.
Corporation for Financing and Promoting, known as FPT, tumbled VND10,000, or 5 percent, to VND192,000, its biggest move since January 11.
Phan Ngo Tong Hung, a vice chairman, will sell 250,000 shares at a negotiated price between Jan. 23 and 31 to reduce his holding to 1.7 million shares, according to a statement posted on the exchange’s website after the market closed January 18.
Do Cao Bao, a member of the Hanoi-based FPT’s management board, would sell 220,000 shares, less than 10 percent of his holding, between Jan. 22 and 31, a similar statement said.
Nguyen Diep Tung, another board member, would sell 200,000 shares, more than a tenth of his holding, between January 24 and 31, a third statement said.
Pha Lai Thermal Power Joint-Stock Co., the fourth biggest company on the bourse by market cap, fell by VND2,000 to VND55,000.
Ha Tien Transportation Joint-Stock Co. dropped VND1,500 to VND33,000.
Long An Food Processing Joint-Stock Co. led the 36-strong gaining pack.
The Long An Province-based cashew processor and trader added VND2,100 to close at VND45,000.
Petrolimex Joint-Stock Tanker Co. gained VND2,500 to VND60,500, its highest level since January 9.
The company will sell 3.5 million shares to existing shareholders at par, according to an announcement posted on the website late last week.
Thanhnien
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