Profit-taking sends market down

Vietnam’s benchmark VN-Index unexpectedly dropped on August 23 as investors sold stocks to lock in previous gain.

The gauge of 295 companies and five closed-end funds listed on the Ho Chi Minh City Stock Exchange plummeted 1.17 percent, or 4.75 points, to close at 401.28 points.

Across the benchmark, 78 stocks climbed, 143 dropped, while 79 remained unchanged.

Trading volume on the city bourse slightly fell but trading value rose by 5 percent over the previous day as around 29.97 million shares changed hands at a value of VND499.3 billion.

Saigon Securities Inc. (SSI), the country’s largest brokerage, continued to be the most active share by volume for the fourth trading session with 2.74 million shares traded.

Tan Tao Investment & Technology Joint Stock Company (ITA) chased after with 1.5 million shares.

Construction company Licogi 16 Joint Stock Company (LCG) tagged along with 1.07 million shares changing hands.

Son Ha International Corporation (SHI) plunged 16.67 percent to close at VND8,500. The company will pay dividends for the second term of the year 2010 to its current shareholders at a ratio of 15 percent, of which 7 percent by shares and 8 percent in cash.

Other losers included Beton 6 Corporation (BT6), Mekophar Chemical Pharmaceutical Joint Stock Company (MKP), and cosmetics producer SPM Joint Stock Company (SPM).

COMA 18 Joint Stock Company (CIG) bounded 5 percent to close at VND6,300.

Phu Nhuan Jewelry Joint Stock Company (PNJ) advanced for three consecutive trading sessions, gaining 4.93 percent to VND29,800.

Cat Loi Joint Stock Company (CLC) curbed its four-day losing streak, recovering 4.92 percent to VND12,800.

The Hanoi’s HNX-Index of the smaller bourse in the north also shed 0.7 percent, or 0.49 points, to finish at 69.43 points. Trading on the northern floor strongly improved over the previous day as 49.72 million shares changed hands at a value of nearly VND564.25 billion.

The UPCoM-Index of unlisted shares collapsed 1.38 percent, or 0.43 points, to 30.76 points. A total of 287,534 shares changed hands at a value of VND3.02 billion.

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