Dragon Capital divests from transport firm Hai An

Between September 30 and October 4, they reduced their holdings from 7.45% to 4.54% after selling 1.7 million shares.

Dragon Capital owned more than 5% of HAH as of October last year and bought more by the end of June. At one point it owned 9.29% in the Hanoi-based transport firm.

The stock has been declining for the last four months, and has now lost 54% since peaking in early June.

The World Container Index, which tracks freight rates on a weekly basis, has fallen 28% in the past month and 54% since February.

Analysts at securities firm SSI Research said the maritime transport sector is taking a hit from the weakening global economy.

Freight rates has plunged 30-50% in a month and by up to 60% since their peak in March, they said.

The declining consumer demand and high inventories retailers are sitting on have prompted analysts to forecast there will not be the normal retail boom at the end of the year, they added.

SSI forecasts HAH’s profit to rise by 96% to VND873 billion this year before declining by 12% and 18% in the next two years.