Sabeco drags VN-Index down
Sabeco drags VN-Index down
HCM City's shares opened Tuesday's morning trade in positive territory, but a slump by brewer Sabeco (SAB) dragged the VN-Index and had a negative impact on the overall market condition.
The VN-Index edged down 0.32 per cent at 954.98 points with the number of losing stocks outnumbering gainers by 154-103. Another 91 remained unchanged.
Following the successful auction on Monday in which Vietnam Beverage, a unit of Thai Beverage, purchased the entire offering of 53.6 per cent stake of Sabeco (SAB), investors increased selling out to earn profit and sent this stock down.
Being the third largest share by market value, a decrease of 6.5 per cent for SAB weighed on the market. Other substantial losers also included Vinamilk (VNM), PV Gas (GAS), FPT Corp (FPT) and Vietinbank (CTG).
On the positive side, a number of large caps increased and supported the market, such as VinGroup (VIC), Vietcombank (VCB), Bao Viet Holdings (BVH), Masan Group (MSN) and Mobile World Group (MWG).
On the Ha Noi Stock Exchange, the HNX-Index also edged down 0.36 per cent to 113.3 points.
A total of 169 million shares worth a combined VND3.5 trillion (US$153.5 million) were traded on the two markets.
Afternoon trade starts at 1pm.
