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Stocks slump in afternoon session on ETF reviews

Update: March, 17/2015 - 08:37
On the HCM Stock Exchange, the benchmark VN-Index fell 0.9 per cent to close the session at 580.80 points, while the VN30, which tracks the top 30 shares by market value and liquidity, shed 1.02 per cent to end at 610.63 points.— Photo vietstock
HA NOI  (VNS) — Shares extended losses in yesterday's afternoon session as investors sold off blue chips.

Analysts said portfolio reviews by exchange-traded funds (ETFs) this week will impact market movement, with investors likely to offload shares that ETFs will remove from their baskets.

On the HCM Stock Exchange, the benchmark VN-Index fell 0.9 per cent to close the session at 580.80 points, while the VN30, which tracks the top 30 shares by market value and liquidity, shed 1.02 per cent to end at 610.63 points.

Kinh Bac City Development Holdings Corp (KBC) and confectionery Kinh Do Corp (KDC) were among the most heavily-traded stocks yesterday following information that Market Vectors Vietnam ETF (VNM) added these two stocks to its portfolio.

Almost 10.4 million KBC shares were exchanged by the end of the session, making it the second-most active stock. KBC stock rose 1.78 per cent to close at VND17,200 (US$0.80) per share.

More than three million KDC shares were traded and the share price climbed 5.84 per cent to end at VND48,900 ($2.29) each. Investors received well the news that the company has approved a 200-per-cent dividend payment, given as a special bonus after the company sold stakes in its subsidiary Kinh Do Binh Duong Corporation.

FLC Group (FLC) remained the most active code with the trading of 18.1 million shares. VNM ETF also increased purchases of FLC Group, pushing the share price up 2.52 per cent to VND12,200 ($0.57) a share.

On the other side of the fence, shares unloaded by VNM ETF, including VinGroup (VIC), Vietcombank (VCB), Masan Group (MSN) and Sacombank (STB) all declined.

Demand was still good, improving liquidity slightly compared with Friday's levels, totaling 100.5 million shares worth VND1.82 trillion ($85 million).

On the Ha Noi Stock Exchange, the HNX-Index also dropped 0.74 per cent to finish at 85.08 points, extending losses to four days in a row.

Bottom fishing pushed up liquidity, however. The market volume soared 80 per cent over the previous session to reach 55.5 million shares, while trading value also climbed 60 per cent to VND682.3 billion (nearly $32 million).

KLF Joint Venture Global Investment Co (KLF), an investment arm of FLC Group (FLC) again led the market volume with over five million shares traded, adding 0.94 per cent to settle at VND10,700 a share.

Foreign investors ended the session yesterday as net sellers in both markets, responsible for a combined net sell value of VND11.27 billion ($526,600).

Cam Ranh Port sells 582,000 shares in IPO

Cam Ranh Port Co Ltd sold 582,000 shares, or only 9.5 per cent shares during its initial public offering (IPO) organised at the Ha Noi Stock Exchange yesterday.

The local press said 50 individual investors had bought the shares at an average winning bid of VND10,172 (US$0.48) per share. The company earned more than VND5.9 billion ($280,950) through the transactions.

It had announced recently on its website that it would auction about six million shares during this IPO, and its total charter capital was expected to reach roughly VND264.52 billion ($12.60 million) after the privatisation.

The six million shares would account for 23 per cent of this equity, and a similar stake would be sold to strategic investors.

Cam Ranh Port's parent company, Viet Nam National Shipping Lines, would represent the State's stake of 51 per cent, while 2.98 per cent would be reserved for employees.

Cam Ranh Port is based in the central province of Khanh Hoa and specialises in seaport services, such as onshore transport, vessel repair and fuel trade, along with goods loading and storage for hire. — VNS


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