Business

Stocks dip again on heavy sales

The fuel price cut announced late on on May 10 failed to rescue stocks from further declines on the HCM Stock Exchangeon May 10 , with the benchmark VN-Index closing the afternoon session down 0.32 percent from the previous day to 486.07 points.
The fuel price cut announced late on on May 10 failed to rescuestocks from further declines on the HCM Stock Exchangeon May 10 ,with the benchmark VN-Index closing the afternoon session down 0.32percent from the previous day to 486.07 points.

Sellpressures continued to build, driving the value of trades up 28.3percent to 2.3 trillion VND (110 million USD) on a total volume ofnearly 134.7 million shares. Trades were mixed, with 137 codes advancingand 128 declining. The VN30-Index, tracking top shares by marketcapitalisation and liquidity, closed off by 0.47 percent to 554.74points.

Real estate companies were the day's biggestgainers, and Investment and Trading Co (ITC), Hoang QuanConsulting-Trading-Service Real Estate (HQC), Tu Liem Urban Development(NTL), Khang Dien House Trading and Investment (KDH), and Thu DucHousing Development (TDH) all soared to their ceiling prices.

Construction firm Licogi 16 (LCG) was the most-active share, with 4.3million traded, closing up by nearly 3 percent to 13,900 VND pershare, after the company announced it would pay a 5-per-cent cashdividend. The deadline to register for participation in the payout wasset at May 24.

On the Ha Noi Stock Exchange, theHNX-Index also lost 0.63 percent on May 10 to conclude the session at83.23 points. Advancers outnumbered decliners by 177-136, while volumeincreased by 18 percent to over 101 million shares, worth a total of 1.1trillion VND (52.6 million USD).

Takeover target Habubank(HBB) continued to be the most-active share nationwide, with 12 millionshares changing hands, but HBB shares sank by another 3.1 percent to6,100 VND.

Foreigners returned to being net sellers onboth exchanges on the previous day after a long run of net buys,unloading shares worth a combined net of 11.3 billion VND (540,000 USD)on both bourses./.
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