Business

Profit-taking drags on shares

Shares on both national bourses slumped during Sept. 14's session, following an encouraging rally.
Shares on both national bourses slumped during Sept. 14's session, following an encouraging rally.

Meanwhile,the Asian Development Bank on the same day forecast that Vietnam'seconomic growth rate for this year might drop to 5.8 percent from 6.1percent.

In addition, Minister of Finance Vuong Dinh Hue, in adocument sent to the Ministry of Industry and Trade regarding tax andelectricity rate proposals, said that electricity prices would beincreased to cover operation costs.

"However, if electricityrates are increased, it will be really difficult to keep this year'sinflation below 20 percent," commented ACB Securities Co analyst NguyenDuy Phong.

On the HCM Stock Exchange, the VN-Index dropped 0.5 percent to close at 466.99 points. Losers outnumbered gainer by 138-107.

Theday's trade value increased 8 percent over Sept. 13 to nearly 1.3trillion VND (62.8 million USD), while volume rose by 13 million sharesto 81.4 million.

Bluechips tumbled, the majority of the 10leading shares by capitalisation having lost between 0.6-3.8 percent,with software giant FPT (FPT) losing the most although it announced aprofit of more than 1 trillion VND (48.3 million USD) for the firsteight months of this year.

However, insurer Bao Viet Holdings(BVH) was able to reach its ceiling price for the seventh consecutivesession, closing at 82,000VND . Food producer Masan Group (MSN) gained2.7 percent, PetroVietnam Finance (PVF) gained 2.6 percent whileSacombank (STB) edged up 0.7 percent.

Telecommunicationsequipment provider Sacom (SAM) was the most-active code in HCM City,with 4.3 million shares changing hands. It closed up 4.1 percent at7,400VND .

On the Hanoi Stock Exchange, the HNX-Index dived 2.4 percent to conclude the session on 77.33 points.

Profittaking made trading volume increase to nearly 94.8 million shares, up53.2 percent from the previous. Trading value also rose 42.6 percent to1.1 trillion VND (53.1 million USD).

Kim Long Securities Co (KLS)saw the highest trading volume, with 10.2 million shares exchanged,though it slid 4.4 percent to 12,600 VND. Foreign investors shifted tobe net sellers on both bourses, picking a combined net of 132.3 billionVND(6.4 million USD) worth of shares./.
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