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Profit-taking continues to sink market
Investors continued to heavily sell shares on the Ho Chi Minh City market on Tuesday to take profits, leaving the VN-Index falling for the second straight day.
The benchmark index closed at 280.67 points, a slight drop of 0.61 percent, 1.71 points. Of the index’s 181 members, 94 fell against 63 which rose.
Trading volume remained fairly high, with more than 22 million shares worth VND499 billion ($28 million) changing hands.
Foreign investors remained in buying mood, spending a net VND26.3 billion. Among their top picks were PetroVietnam Fertilizer and Chemical Joint-Stock Co. (DPM), Pha Lai Thermal Power Joint-Stock Co. (PPC) and Saigon Securities Incorporated (SSI).
‘Falls in the last two days were just corrections, as investors sold to take profits from previous rising days. But the high turnover showed that VN-Index will be back into a winning run. I expect it will rise to 280-285 points,’ one broker said in a daily market report.
Analysts said the overnight retreat in Wall Street also made investors worried. U.S. stocks tumbled out of the opening gate on Monday over GM bankruptcy worries and renewed banking jitters took the shine off a three-week rally.
The Dow Jones industrial average lost 254.16 points, 3.27 percent, to 7,522.02. Standard & Poor's 500 Index tumbled 28.41 points, 3.48 percent, to 787.53. The Nasdaq fell 43.40 points, 2.81 percent, to 1,501.80.
In Vietnam, Sacombank was still the most liquid of stocks, with more than 2 million shares being traded. The Ho Chi Minh City-based bank, partly owned by ANZ, treaded water at VND16,200.
Pha Lai Thermal Power Joint-Stock Company, Vietnam’s biggest listed power supplier, rose marginally 0.4 percent to VND25,000. The company announced on the bourse’s website that its annual general meeting will be held on April 27.
Rang Dong Light Source and Vacuum Flask Joint-Stock Co. (RAL) lost 2.76 percent to VND17,600. The neon light producer also announced its annual general meeting will be May 6 and go ex-dividend on April 9. Rang Dong plans to pay dividends of VND1,200 for each share.
Petrolimex International Trading Joint-Stock Company (PIT) increased 2.76 percent to close at VND14,900. The petroleum trader said on the exchange’s website today that it will pay dividends of VND1,500. The firm will go ex-dividend on April 8.
The Hanoi Securities Trading Center, HaSTC-Index, crept down 0.34 percent to finish at 97.68.
Thieu Gia
sai gon giai phong
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