New rules on illegal trading lift shares
HA NOI (VNS)– Shares improved on the two exchanges by the end of yesterday afternoon's session following the information that the State Securities Commission had tightened control on illegal trading on the stock market.
A representative yesterday told Viet Nam Television (VTV1) that the commission (SSC) had uncovered a major stock price manipulation. After inspecting many securities companies, SSC found a group of investors using various accounts in different companies to purchase stocks.
The identities of the violators will be disclosed this week along with the sanctions they face.
In addition, the commission on Monday imposed a VND320 million (US$15,300) penalty on Golden Bridge Viet Nam Securities Co for enabling customers to short-sell stocks (that is, selling stocks they did not own).
The VN-Index on the HCM City Stock Exchange closed up 0.12 per cent at 443.37 points by the end of the session. But market value continued to fall, totalling VND648.9 billion (US$31 million), down 27 per cent from Tuesday's level.
The arrest of the former general director of Agribank, Pham Thanh Tan, did not severely impact the stock market like the previous arrests of bank tycoons Nguyen Duc Kien and Dang Van Thanh.
More than half of the top 30 shares on the bourse advanced while only eight declined, pushing the Index up 0.14 per cent to 521.92 points.
Financial shares were mixed. PetroVietnam Finance (PVF) hit the ceiling price while Vietcombank (VCB) and Vietinbank (CTG) decreased slightly below 1 per cent. Other bank shares closed flat.
Dairy Vinamilk (VNM) rose 1.6 per cent following the news that the firm earned a total after-tax profit of VND5.8 trillion ($277.5 million) last year, exceeding its yearly target by 23 per cent and its 2011 profit by 40 per cent.
On the Ha Noi Stock Exchange, the HNX-Index increased 0.13 per cent to finish at 59.57 points on a total turnover of VND349 billion ($16.7 million).
With almost 11 million shares changing hands, Sai Gon-Ha Noi Bank (SHB) was again the most active stock, climbing 1.56 per cent to VND6,500 a share. — VNS