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VN stocks slide, giving back gains

Update: August, 12/2015 - 08:12

An investor traces market fluctuations on the Hoang Gia Stock Trading Floor. — VNS Photo Truong Vi

HA NOI (VNS) — Vietnamese stocks fell yesterday, giving back some of Monday's gains, after a dividend payment by a confectionery company led indexes lower.

Confectionery company Kinh Do Corp (KDC) fell 41 percent after trading ex-dividend, or the date on which buyers of the stock will no longer receive a previously declared dividend.

The stock fell to VND28,200 ($1.29) a share from VND48,200 (US$2.21), decreasing the company's market capitalisation by about VND4.7 trillion ($215.6 million), equivalent to the money spent on the dividend payment. The company is expected to pay shareholders a cash dividend on August 21.

The VN30, which tracks the top 30 companies by market value and liquidity on the HCM Stock Exchange, shed 6.57 points, or 1.01 per cent, to end yesterday at 643.42 points. The VN30 had jumped 1.8 percent on Monday.

Some country's biggest financial firms, including Vietcombank (VCB), BIDV (BID), Vietinbank (CTG) and insurer Bao Viet Holdings (BVH), bucked the trend and posted gains.

The benchmark VN-Index, the measure of 307 stocks, dropped 1.48 points, or 0.24 per cent, to close the session at 613.05 points. Among the index's stocks, 78 rose, 117 declined and 112 were unchanged.

Liquidity rose as market volume increased 30 per cent over Monday, totaling over 120 million shares while the value of trades climbed 40 per cent to reach VND2.573 trillion ($118 million).

Sai Gon Securities Inc (SSI) remained the most active stock by the end of the session with 7.6 million shares traded as its price went down 0.72 per cent to settle at VND27,400 ($1.26) a share.

The company's share had gained 3.3 per cent over the past week after Nguyen Duy Khanh, a member of the company's board of director, announced SSI's new development policy would welcome deeper participation of large organisations in its operation.

On the Ha Noi Stock Exchange, the HNX-Index was down 0.68 per cent to finish the session at 83.84 points as 105 stocks fell, 78 rose and 180 were unchanged.

Trading volume in Ha Noi was one fifth that of HCM City's market with 43 million shares worth VND523 billion ($24 million) being traded yesterday, down 10 per cent in both volume and value from Monday's levels. — VNS

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