Food, beverage firms extend losses
Food, beverage firms extend losses
Vietnamese shares continued to fall on both local markets yesterday to extend losses from Tuesday, 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 Tuesday. The southern index declined by 2 per cent over two days.
The HNX Index on the Ha Noi Stock Exchange dropped 0.1 per cent to finish at 79.37 points, extending a three-day decrease of 1.1 per cent.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 per cent at the end of the day.
Ben Tre Aquaproduct Import and Export JSC (ABT) declined by 3 per cent after the company on Tuesday 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 per cent 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 per cent each.
Additionally, Rang Dong Plastic JSC (RDP) fell 1.1 per cent 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 per cent 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 per cent after it planned to pay a dividend of 30 per cent this year.
Among steel producers, Hoa Sen Group (HSG) surged 6.7 per cent after the company recorded a net profit of VND418 billion (US$18.6 million) in the first quarter of this year, completing nearly 92 per cent of the financial year's plan.
PetroVietnam Fertiliser and Chemicals Corp (DPM) added 3.1 per cent after the company increased its dividend payment to 40 per cent from 25 per cent, which was approved earlier.
The local markets exchanged more than 154.4 million shares worth VND2.7 trillion ($120.2 million), a decrease of 6.6 per cent from Tuesday's trading value.
