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Do bears come back in town?
Shares on the Ho Chi Minh Stock Exchange were in carnage on Monday over a thin trading volume.
VN-Index plummeted 15.25, or 4.56 percent, to close at 318.89.
Trading volume also decreased sharply, with only 17.2 million shares worth VND410.6 billion ($23 million) changing hands. Last week’s turnover was up to an average amount of 46.7 million.
All but only 13 shares plunged. Foreign investors remained in buying mode, purchasing VND38.3 billion worth of shares.
A director at a HCMC-based brokerage said last Friday’s fall with sharp selling scared investors, who dumped shares heavily to jump out of the market. He also predicted the VN-Index will fluctuate between 349 and 331.
Hoa Phat Group (HPG) became the most liquid stock today, with 1.6 million shares being traded for VND60.2 billion. The steel maker closed at VND37,200, showing a 4.62 percent drop.
Thu Duc Housing Development Corporation (TDH) fell 4.85 percent to VND45,100. The property developer, partly owned by Citigroup, announced on the exchange’s Web site that it will pay VND1,500 dividend. It will go ex-dividend on April 29.
Thu Duc House’s 2008 net profit rose 31.45 percent to VND188 billion, or VND8,664 per share.
Lu Gia Mechanical Electric Joint-Stock Company (LGC) managed to escape the carnage, edging up 0.53 percent to VND19,100. Ninh Thuan Investment and Construction Development Co , Ltd. sold 110,560 shares to cut its stake from 6.39 percent to 4.9 percent, according to a statement on the bourse’s Web site.
LICOGI 16 Joint-Stock Company (LCG) lost 4.96 percent to VND44,100. State-owned Infrastructure Development and Construction Corporation will cut its stake from 5.03 percent to 3.53 percent by selling 204,000 shares before July 27.
Phuong Nam Cultural Joint-Stock Corporation (PNC) slid 4.44 percent to VND8,600. Investment fund VOF Investment Limited sold 99,250 shares to reduce its holdings from 6.43 percent to 7.95 percent, the firm informed the exchange.
The Hanoi Securities Trading Center also retreated today with the HaSTC-Index slumping 5.08 percent to 116.34.
Phong Linh
sai gon giai phong
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