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VietNamNews

Markets slide on profit-taking

Update: March, 05/2013 - 15:00

HA NOI (VNS)— Shares reversed last Friday's gains to decline yesterday as profit-taking increased.

On the HCM City Stock Exchange, the VN-Index shed 1.76 per cent to finish at 468.74 points although there were just 36 losers. Most stocks closed unchanged.

Trading value remained high at VND1.2 trillion (US$57.1 million) as trading volume reached 74.56 million shares.

The VN30, representing the performance of HCM City's 30 leading shares in terms of capitalisation and liquidity, tumbled by 2.4 per cent to 534.53 points.

Twenty-four of these stocks finished the session in the red, seven of which plunged to their floor prices including the most influential stocks. Only logistics firm Gemadept (GMD), food processor Masan (MSN) and property developer Vingroup (VIC) managed to add value.

Among the top 20 codes by trading volume, only GMD gained, rising 0.3 per cent, while financier Ocean Group (OGC) finished flat.

On the Ha Noi Stock Exchange, the HNX-Index also retreated 3.3 per cent to close at 60.69 points.

Decliners outnumbered advancers by 190-52.

Market value and volume fetched over VND592 billion ($28.1 million) and 79.8 million shares.

The HNX30, tracking the northern bourse's top shares, fell 4.77 per cent to 116.45 points.

Despite last Friday's rally, last week was an unlucky week for the market, with no supportive information and a steady stream of bad news regarding securities companies.

Au Viet Securities (AVS) announced it will ask shareholders to narrow its business and dissolve the company.

The company will be seeking approval to cease its brokerage, underwriting, custody and consultancy operations in preparation to delist.

Another company – Cho Lon Securities – will also dissolve after three successive loss-making years. Since the beginning of this year, its shares have been traded between only VND2,500-4,000 on the unlisted public company market.

Navibank Securities also posted a loss of VND2 billion ($95,200) last year, bringing the consecutive period of losses to five years; and the Viet Nam Securities Depositary warned three brokerages for not complying with regulations. — VNS

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