Stock market: Food, beverage firms extend losses
Vietnamese shares continued to fall on both local markets on April 20 to extend losses from previous day, led by the food and beverage industry.
Investors on VCBS' exchange floor (Source: VNA)Hanoi (VNA) - Vietnamese shares continued to fall on both local markets on April 20 to extend losses from previous day, led by the food and beverage industry.
The benchmark VN Index on the HCM Stock Exchange ended nearly flat at 568.03 points, slightly lower than April 19. The southern index declined by 2 percent over two days.
The HNX Index on the Hanoi Stock Exchange dropped 0.1 percent to finish at 79.37 points, extending a three-day decrease of 1.1 percent.
Vinacafe Bien Hoa JSC (VCF) drove the food and beverage sector down after the company at the annual shareholder meeting announced it targets lower earnings this year compared with 2015, and isn’t planning on a dividend payment for shareholders. VCF fell 4.7 percent at the end of the day.
Ben Tre Aquaproduct Import and Export JSC (ABT) declined by 3 percent after the company on April 19 announced its net profit in the first quarter is half of the number recorded in last year’s first quarter.
Ntaco Corp (ATA) slumped 6 percent after the stock’s recent significant gains. ATA gained more than a quarter in the previous four days.
Two blue chips in the industry, dairy firm Vinamilk (VNM) and food producer Masan Group (MSN), also saw declines. VNM and MSN lost 2.2 percent each.
Additionally, Rang Dong Plastic JSC (RDP) fell 1.1 percent to drive the plastic sector down after the company said it may sell more than 4.7 million shares in order to provide funding for the construction of a new factory in Long An Province.
On the opposite side, steel producers and property firms helped lift the markets.
Among property developers, An Duong Thao Dien JSC (HAR) rose 2.3 percent after the company targeted much higher earnings this year and allowed more foreign ownership. But the new limit has not been revealed.
Truong Thanh Real Estate and Construction JSC (TEG) increased 4.1 percent after it planned to pay a dividend of 30 percent this year.
Among steel producers, Hoa Sen Group (HSG) surged 6.7 percent after the company recorded a net profit of 418 billion VND (18.6 million USD) in the first quarter of this year, completing nearly 92 percent of the financial year’s plan.
PetroVietnam Fertiliser and Chemicals Corp (DPM) added 3.1 percent after the company increased its dividend payment to 40 percent from 25 percent, which was approved earlier.
The local markets exchanged more than 154.4 million shares worth 2.7 trillion VND (120.2 million USD), a decrease of 6.6 percent from previous day’s trading value.-VNA
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