April 15 (Bloomberg) -- Vietnam’s stocks dropped, dragging the benchmark index down the most since Feb. 26, amid concern loss-making companies will delist their shares and after foreign investors sold the nation’s shares last week.
The VN Index slumped 2.9 percent to 480.02 at the close in Ho Chi Minh City. Alphanam Investment Joint-Stock Co. tumbled 6 percent as the company sought shareholder approval to delist after posting a full-year net loss. Overseas investors sold a net $8.08 million of shares in the four days through April 12, according to data compiled by Bloomberg. That’s the longest selling streak since Oct. 4.
“The fact that foreign investors switched from net buying to net selling makes domestic investors feel worried,” said Nguyen Hoai Nam, deputy head of research at Maybank Kim Eng Securities Joint-Stock Co., from Hanoi. “People are also concerned that some companies with weak earning results may have to delist.”
Masan Group Corp. fell 5.8 percent to 114,000 dong, a record decline. The company will seek investor approval to pay no 2012 dividend, according to a statement on its website.
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