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VN-Index up as divestment disappoints
VietnamPlus - 12/11/2017 10:17:03 AM
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Shares bounced back slightly on December 8 on the HCM Stock Exchange but slipped on the Hanoi bourse, affected by the somber result of the State Capital Investment Corporation’s (SCIC) divestment from Vinaconex.
 
The VN-Index on the HCM Stock Exchange inched up 0.16 percent to close the day’s trade at 940.16 points after a 3.3-per-cent three-day loss.
 
Many large caps recovered on the day and lifted the southern market index.
 
Overall, 15 of the top 30 largest shares by market value and liquidity advanced and 11 declined.
 
The biggest listed company Vinamilk (VNM) gained 1.13 percent, settling at 188,100 VND (8.25 USD) per share, while the real estate giant VinGroup (VIC) and its retail arm Vincom Retail (VRE) increased 1.4 percent and 2.2 percent, respectively.
 
Other leaders also included Masan Group (MSN), up 4.2 percent; Petrolimex (PLX), up 2.3 percent; insurer Bao Viet Holdings (BVH) and budget airline Vietjet, up 1.8 percent each.
 
Among the laggards were brewers Sabeco (SAB) and Habeco (BHN), Vietcombank (VCB), Vietinbank (CTG), FPT Corp (FPT) and steelmaker Hoa Phat Group (HPG).
 
On the Hanoi Stock Exchange, the HNX-Index edged down 0.63 percent to end at 113.81 points after a two-day rally.
 
The disappointing results of the capital divestiture of SCIC from the Vietnam Construction and Import-Export Corp (VCG), better known as Vinaconex, hurt VCG stock as well as other stocks that are part of SCIC’s divestment plans, including Binh Minh Plastic (BMP) and Tien Phong Plastics, scheduled for divestment at the end of this year. Investors bought only 5.6 percent of the VCG shares offered at the auction on the day.
 
Vinaconex’s shares dropped by 10 percent to 24,800 VND per share. They had risen 40 percent in the past month thanks to the SCIC’s divestment scheme.
 
Meanwhile, BMP and NTP fell 3.5 percent and 4.5 percent, respectively.
 
Liquidity remained modest compared to the previous sessions, with 245.6 million shares worth combined 5.9 trillion VND (259 million USD) being traded in the two markets. - VNA
 
Read original article here
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