kude.punny

Vietnam Stocks Continue To Take A Hammering

Vietnam’s main share index continued to free-fall Tuesday and edged closer to fulfilling the HSBC’s prediction earlier this month it will reach the 900-point level.Ho Chi Minh City’s VN-Index shed 17.49 points to hit 907.95, the lowest close since January 12 this year.It was accompanied by heavy volumes and turnover – the latter was up 105 percent and the former 93 percent to 4.5 million shares and VND485 billion (US$30 million).Royal International Joint Stock Company made its debut on the bourse, becoming the 108th listed company.Seventy-nine stocks lost and 16 gained in Tuesday’s trade.Blue chips like FPT, PPC, REE, SAM, SJS, STB and VHS were among the losers but clocked heavy volumes.Leading confectionery firms KDC and NKD bucked the gloomy trend to hit the 5 percent ceiling and close respectively at VND229,000 and VND190,000.STB became the most traded with 543,170 despite. The share shed 10.3 percent over the last five consecutive sessions despite of the lender’s first-haft hefty profit.In a report earlier this month the bank said strong demand for mortgages helped more than double its pre-tax first half profit from a year earlier to VND610 billion ($37.8 million).Foreign investors were net buyers pumping in VND216 billion, up 167 percent over the Monday, and selling securities worth VND150 billion.Hanoi’s HASTC-Index lost 1.63 points to close at 253.57. But Hanoi too saw heavy trading with both volume and turnover up 59 percent and 49 percent to 1.5 million shares and VND146 billion.In a related development, HCMC-branched PetroVietnam Finance Company (PVFC) has acquired 1.2 million shares in the HCMC-listed property developer Hoa Binh Construction and Real Estate Company (HBC) for VND78 billion ($4.8 million).They had signed a deal last week on. Under the deal PVFC cam sell no more than 30 percent of HBC shares to outsiders in the first year, another 20 percent in the second year, and the remaining 50 percent only after five years.

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