Saigon Beer Alcohol Beverage Corp. (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.
Investors follow transactions at an exchange floor in Hanoi (Photo: tapchitaichinh.vn)
Hanoi (VNA) - Saigon Beer Alcohol Beverage Corporation (Sabeco) hit thedaily limit rise of 20 percent on its first trading day on the main bourse inHCM City on December 6 but this was not enough to lift the market which wasdragged down by growing pessimism in the market outlook.
Thebenchmark 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 onemonth ending December 6.
On the HanoiStock Exchange, the HNX-Index dropped 1.4 percent to 79.3 points. The gaugeslumped 2.2 percent in the past month.
The SaigonBeer Alcohol Beverage Corporation made its debut of 641.28 million shares onHOSE at a reference price of 110,000 VND (4.85 USD) a share, under the codeSAB.
Sabeco’sshares 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 otherbrewery 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 of15 percent on the UPCoM.
Large-capstocks continued their downward spiral, with 25 of the top 30 largest shares bymarket 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.
Liquiditydecreased when 174.4 million shares, worth a combined 2.8 trillion VND, weretraded on the two markets, both down over 22 percent from Monday’s levels.
Foreigntraders increased selling again with yesterday’s net sell valued at 161 billionVND, a nearly eight-fold rise over December 5.
The USdollar strengthened against the Vietnamese dong at local banks and on theinformal domestic market. The greenback, however, held near a three-week lowagainst a basket of six major currencies in the global market as investorsviewed the recent strengthening as excessive.
Domesticbanks on the day moved up against the dollar by 15-20 VND to 22,770 VND perdollar, while the dollar was traded at 23,320 VND on the informal market.-VNA
Oil and gas stocks lifted the market on December 1 as global oil prices surged after the Organisation of Petroleum Exporting Countries (OPEC) members finally reached a consensus on production cuts.
Shares continued last week’s decline on Dec 5 on national stock exchanges as traders continued to sell riskier assets on fears of a further decline on the back of untamed selling by foreign traders.
The Saigon Beer, Alcohol and Beverages Corporation listed nearly 641.3 million shares (SAB) at a starting price of 110,000 VND (4.89 USD) per share on the HCM Stock Exchange (HOSE) on December 6.
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Investors follow transactions at an exchange floor in Hanoi (Photo: tapchitaichinh.vn) 
