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Fertiliser giant resists market plunge

Update: February, 11/2012 - 10:58

 

A trading session at ACB Securities in Ha Noi. The VN-Index shed 1.55 per cent, finishing on 405.02 points yesterday. — VNS Photo Truong Vi
HA NOI — Shares lost ground for an overwhelming majority of sellers yesterday. On the HCM City Stock Exchange, the VN-Index shed 1.55 per cent, finishing on 405.02 points.

Losers outnumbered gainers by 185-57.

Market value edged down 8.7 per cent against Thursday's level, totalling VND704.6 billion (US$33.5 million) on a volume of 49.9 million shares.

The VN30 yesterday retreated 1.4 per cent to 458.23 points, but index edged 8.82 points higher than its debut session's preference price.

Of the 10 leading shares by capitalisation, only Phu My Fertiliser (DPM) and Sacombank (STB) managed to advance, by 1.8 and 3.8 per cent, respectively.

Phu My Fertiliser last year profited around VND3.1 trillion ($147.6 million), increasing 82.2 per cent over 2010. In addition, headlines appearing yesterday morning showed Phu My Fertiliser's mother company – oil and gas giant PetroVietnam – had asked the Government to allow its subsidiary to have exclusive rights to distribute products of Ca Mau Fertiliser.

If the request is approved, Phu My Fertiliser may monopolise the market, as the production of Phu My and Ca Mau plants accounts for 85-90 per cent of the market share.

Meanwhile, there were rumours that the Ha Noi Stock Exchange-listed Asia Commercial Bank (ACB) would appoint its CEO to manage Sacombank.

ACB is said to be taking over Sacombank through its partner Eximbank (EIB), which holds a 10.8 per cent stake in Sacombank, however leaders of the banks denied the rumour.

On the Ha Noi Stock exchange, ACB slid 1.7 per cent to VND23,200 per share.

Trading value on the northern bourse reached only 77.5 per cent of the previous day's session, standing at VND344.5 billion ($16.4 million), as the volume of trades dived 19 per cent to 45.7 million shares.

Habubank (HBB) was still the most active stock with some 6.2 million shares changing hands.

Despite the declining trend, foreign investors yesterday concluded as net buyers on both city exchanges with a combined margin of VND122.4 billion ($5.8 million). — VNS

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