Sabeco listing fails to lift market hinh anh 1Investors follow transactions at an exchange floor in Hanoi (Photo:

Hanoi (VNA) - Saigon Beer Alcohol Beverage Corporation (Sabeco) hit the daily limit rise of 20 percent on its first trading day on the main bourse in HCM City on December 6 but this was not enough to lift the market which was dragged down by growing pessimism in the market outlook.

The benchmark VN-Index on the HCM Stock Exchange (HOSE) sank for a second day, falling 1.3 percent to close at 651.5 points. It slipped 4.4 percent in one month ending December 6.

On the Hanoi Stock Exchange, the HNX-Index dropped 1.4 percent to 79.3 points. The gauge slumped 2.2 percent in the past month.

The Saigon Beer Alcohol Beverage Corporation made its debut of 641.28 million shares on HOSE at a reference price of 110,000 VND (4.85 USD) a share, under the code SAB.

Sabeco’s shares hit the daily rise limit of 20 percent and closed at 132,000 VND per share.

However, unlike the BHN listing, which boosted other beer companies, the shares of other brewery firms such as Saigon Beer Western (WSB), Sai Gonb – Phu Tho Beer (BSP) and Sai Gon-Mien Trung Beer (SMB) all declined to the daily highest decline of 15 percent on the UPCoM.

Large-cap stocks continued their downward spiral, with 25 of the top 30 largest shares by market capitalisation and liquidity on the HOSE losing value. Only five stocks – Bao Viet Holdings (BVH), Masan Group (MSN), PV Gas (GAS) and Sacombank (STB) - bucked the trend.

Liquidity decreased when 174.4 million shares, worth a combined 2.8 trillion VND, were traded on the two markets, both down over 22 percent from Monday’s levels.

Foreign traders increased selling again with yesterday’s net sell valued at 161 billion VND, a nearly eight-fold rise over December 5.

The US dollar strengthened against the Vietnamese dong at local banks and on the informal domestic market. The greenback, however, held near a three-week low against a basket of six major currencies in the global market as investors viewed the recent strengthening as excessive.

Domestic banks on the day moved up against the dollar by 15-20 VND to 22,770 VND per dollar, while the dollar was traded at 23,320 VND on the informal market.-VNA