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US gloom drags down HCMC stocks
Ho Chi Minh City stocks lost Tuesday as domestic investors panicked following an overnight plummet on Wall Street.
The VN-Index closed lower 6.2 points, or 2.5 percent, at 241.46, a 23 percent fall so far this year.
Trading remained modest, with only nine million shares changing hands. Two stocks fell for every one that gained.
Nguyen Quang Hieu of Sacombank Securities Co. said the market remained in downturn since there is no positive news to boost investor confidence. “Institutional investors rely on global markets to make investment decisions in Vietnam,” Hieu said.
US stocks slid to 12-year lows on Monday as a record US$61.7 billion loss for AIG and another government bailout for the insurer heightened concerns about the extent of the damage to the financial system, according to Reuters.
Sacombank (STB), HCMC’s only listed bank, remained the most active stock by volume, with more than 1.6 million shares being traded Tuesday.
The HCMC-based bank, partly owned by ANZ, lost ground after advancing for four straight sessions earlier, slipping 4.61 percent to VND14,500. A broker who wished not to be named, told Thanh Nien Daily that Sacombank’s winning run was because of a rumor it plans to pay a 15 percent dividend.
Among large caps, resort operator Vinpearl (VPL) remained unchanged at VND39,200. The firm said on the exchange’s website that Pham Nhat Vuong, member of the director board, registered to raise his share holding from 9.96 percent to 24 percent by buying more than 14 million shares.
Vinh Hoan Corp. (VHC), a seafood processor and trader, rose 4.6 percent to VND18,100. Vinh Hoan has received a farming certification from the Swiss Institute for Market Ecology and plans to expand its farms and increase output at its processing plants this year, according to its website.
In the smaller bourse in Hanoi, Kinh Bac City Development Shares Holding Corp. (KBC), the second-biggest company by market value, rose 7 percent to VND25,500. It plans to sell bonds for the first time this year to raise funds for construction projects.
STOCK BRIEFS
Vietinbank securities to raise $7.8 million in IPO
Vietnam Bank for Industry and Trade Securities Co., the brokerage unit of the country’s fourth-biggest bank by assets, plans to raise about $7.8 million in an initial share sale on March 31.
The Hanoi-based brokerage, known as VietinBank Securities, would sell around 13.4 million shares at a minimum bid of VND10,200, the Hanoi Securities Trading Center said in a statement on its website on Monday.
The brokerage plans to list on the Ho Chi Minh City bourse in June, director Phan Quoc Huynh said. The company is a unit of Vietnam Bank for Industry and Trade.
Source: Bloomberg
Phu Nhuan Jewelry eyes 10 percent higher profit
Vietnam’s Phu Nhuan Jewelry Joint Stock Co., a Ho Chi Minh City-based trader of gold and precious stones, targets 10 percent higher profits than last year because of confidence in its domestic market.
Pretax profits are expected to reach VND185 billion (US$10.6 million) this year from VND167.7 billion last year, the company said.
Phu Nhuan Jewelry (PNJ) would start trading on March 23 on the HCMC stock exchange, the statement also said.
Source: Bloomberg
Thanh nien, Bloomberg
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