The Ho Chi Minh Stock Exchange retreated Friday, canceling out yesterday’s rally, as the international market gloom rubbed off on Vietnamese investors.
The VN-Index, a measure of 160 companies and four closed-end funds on the exchange, dropped 10.81 points, or 2.34 percent, to close at 449.44. Volumes topped 10 million shares as 90 stocks fell, 49 rose, and 25 remained unchanged.
A chief broker at a HCMC brokerage, who did not wish to be named, said investors were anxious about losses on the international markets today and kept out of the markets.
Stock markets fell Friday in Asia and Europe after heavy overnight Wall Street losses, ahead of another vital vote by US lawmakers on a multi-billion-dollar rescue plan for the financial sector.
The House of Representatives in Washington was set to vote on a revised plan to spend US$700 billion (505 billion euros) on a package the government hopes will ease the pressure on the economy.
Thanh Cong Textile & Garment Joint-Stock Co. (TCM) rose for the second day, adding VND600, or 4.6 percent, to close at VND13,700. The company plans to issue an additional 13,779,365 shares on Dec. 19, the Ho Chi Minh City Stock Exchange said in its bulletin today.
Vinh Son-Song Hinh Hydropower Joint-Stock Co. (VSH) lost VND800, or 2.5 percent, to close at VND31,000. Saigon Securities Inc. has cut its holding in the company to 6.56 percent from 7.77 percent through the sale of 1,658,850 shares, the stock exchange said on its Web site yesterday.
Foreign investors were net sellers to the tune of VND23 billion.
At the Hanoi Securities Trading Center, the HaSTC-Index lost less than a point to close at 152.02.
