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VN-Index slides after worried sentiment   2009-06-17 - VietNamNet//SGGP

Shares on Vietnam’s major stock market in Ho Chi Minh City dipped into the red on June 16, as investors reacted anxiously to previous heavy selling.

The VN-Index, a measure of 162 companies, dropped for a third day, falling 4.4 percent, the largest drop since April 20, to 471.97.

Among the index members, 10 advanced, 151 declined and one was unchanged.

General Forwarding & Agency Joint-Stock Co. (GMD), Vietnam’s biggest listed freight-transport company, known as Gemadept, slid 4.7 percent, the most in more than two weeks, to VND50,500, its lowest since June 2.

Dragon Capital’s Wareham Group Ltd. fund sold 629,660 shares of the Ho Chi Minh-based company, cutting its stake to 2.6 million, Gemadept said in a statement to the exchange after the market closed yesterday.

Wareham now holds 5.4 percent of Gemadept, compared with 6.7 percent previously.

Vinafco Joint-Stock Co. (VFC), a warehouse owner and freight-transport services provider, fell 4.9 percent to VND13,500.

A fund managed by Vietnam Investments Group plans to sell 200,000 Vinafco shares by June 25, Vinafco said in a statement on the bourse’s website after the market closed yesterday.

Vietnam Investments will cut its holding in Vinafco to 2.7 million shares, from 2.9 million, the statement said.

PetroVietnam Transportation Corp. (PVT), known as PV Trans, declined for a third day, dropping 4.9 percent to a three-week low of VND21,600.

Nguyen Minh Hoa, a board member, plans to sell two million shares by November 12, PV Trans said in a statement on the exchange’s website after the market closed yesterday.

Ms. Hoa had previously sold two million shares in the company earlier this month, according to the statement.

At the smaller bourse in Hanoi, the HaSTC-Index closed at 165.03 today, showing a fall of 10.77 points, 6.13 percent.

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