Investors follow transactions at an exchange floor in Ha Noi. — Photo tapchitaichinh.vn

Saigon Beer Alcohol Beverage Corporation (Sabeco) hit the daily limit rise of 20 per cent on its first trading day on the main bourse in HCM City on December 6 but this was not enough to lift the market which was dragged down by growing pessimism in the market outlook.

The benchmark VN-Index on the HCM Stock Exchange (HOSE) sank for a second day, falling 1.3 per cent to close at 651.5 points. It slipped 4.4 per cent in one month ending December 6.

On the Ha Noi Stock Exchange, the HNX-Index dropped 1.4 per cent to 79.3 points. The gauge slumped 2.2 per cent in the past month.

The Saigon Beer Alcohol Beverage Corporation made its debut of 641.28 million shares on HOSE at a reference price of VND110,000 (US$4.85) a share, under the code SAB.

Sabeco’s shares hit the daily rise limit of 20 per cent and closed at VND132,000 per share.

“SAB can rise to the ceiling prices in the next sessions as the starting price of VND110,000 per share was only equal to the current price of Habeco on the UPCoM while Sabeco is valued much higher,” said Tran Hai Yen, a stock analyst at Bao Viet Securities Co.

However, unlike the BHN listing, which boosted other beer companies, the shares of other brewery firms such as Saigon Beer Western (WSB), Sai Gon –Phu Tho Beer (BSP) and Sai Gon-Mien Trung Beer (SMB) all declined to the daily highest decline of 15 per cent on the UPCoM.

Large-cap stocks continued their downward spiral, with 25 of the top 30 largest shares by market 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.

Liquidity decreased when 174.4 million shares, worth a combined VND2.8 trillion, were traded on the two markets, both down over 22 per cent from Monday’s levels.

Foreign traders increased selling again with yesterday’s net sell valued at VND161 billion, a nearly eight-fold rise over Monday.

The US dollar yesterday strengthened against the Vietnamese dong at local banks and on the informal domestic market. The greenback, however, held near a three-week low against a basket of six major currencies in the global market as investors viewed the recent strengthening as excessive.

Domestic banks yesterday moved up against the dollar by 15-20 dong to VND22,770 per dollar, while the dollar was traded at VND23,320 on the informal market. – VNS