Concern over capital leak creates bearishness in market

[kieudiemvje]

Vietnam’s benchmark VN-Index fell farther than it had in a month on June 25, as investors concerned that Dragon Capital’s Vietnam Enterprise Investment Limited Fund may be dissolved, volatilizing more than US$400 million out of the market.
Despite the denial of a representative of Dragon Capital, stocks listed on the Ho Chi Minh Stock Exchange finished week dismally, losing 1.28 percent, or 6.55 points, falling to 505.12.
There were 46 stocks that gained, while 169 dropped and 30 remained stagnant. Trading volume was at 52.2 million shares, worth VND1.5 trillion.
Most blue-chips lost ground, of which the Hanoi-based TMT Automobile Joint Stock Company (TMT), Tan Dai Hung Plastic Joint Stock Company (TPC), and Vien Dong Investment Development Trading Corporation (VID) were the biggest losers on the city bourse today.
Petrolimex International Trading Joint Stock Company (PIT) and Rangdong Light Source and Vacuum Flask Joint Stock Company (RAL) together climbed up 4.98 percent to VND23,200 and VND29,500 respectively.
Godaco Seafood Joint Stock Company (AGD) and Sao Vang Rubber Joint Stock Company (SRC) advanced 4.93 percent to VND31,900 and VND42,600 respectively.
Nam Viet Corporation (ANV) won the spot of most active shares in volume with 2.81 million traded.
Vietnam Electricity Construction Joint Stock Corporation (VNE) was at second with 2.23 million shares. The company’s shares traded down 4.96 percent.
Saigon Thuong Tin Commercial Bank or Sacombank (STB) came in third with 1.41 million shares.
Meanwhile, stocks on the northern bourse also stayed in the red. The Hanoi’s HNX-Index declined 2.58 points, or 1.58 percent, to wrap at 160.4. Around 46.7 million shares changed hands at a value of VND1.43 trillion.
Foreign investors were back to net buying this morning, nearly a VND6.9 billion value.
The UPCoM-Index of the unlisted stocks went the same way as the other two, sliding 0.18 points to 46.87. A total of 243,652 shares were traded at VND3.93 billion before lunch time.
Globally, the S&P 500 index lost 1.68 percent. Nasdaq Composite index eroded 1.61 percent. Dow Jones Industrial Average index gave up 1.41 percent.
FTSE 100 index declined 1.51 percent. France’s CAC 40 index slumped 2.37 percent.
Japan’s Nikkei 225 index closed down 1.92 percent. China’s Shanghai Composite index slid 0.42 percent.