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Scandals continue to depress shares

Update: September, 06/2012 - 09:10

HA NOI — Shares failed to retain Tuesday's gains on the HCM City Stock Exchange yesterday, with the VN-Index once again receding by about 0.8 per cent from the prior session to close at 398.92 points.

Around 45.7 million shares changed hands, worth VND678.2 billion (US$32.3 million), a jump in trading value of nearly 50 per cent over the previous day.

Of the market's 30 leading shares as tracked by the VN30 Index, food processor Bourbon Tay Ninh (SBT) and HCM City Infrastructure Investment Co (CII) reached their ceiling prices of VND16,500 and VND25,800 per share, respectively, while only three other stocks in this group managed to add value. The VN30 retreated by 0.7 per cent to 469.46 points.

"The arrest of Duong Chi Dung, former chairman of shipping giant Vinalines, had a somewhat negative effect on investor psychology," Hoa Binh Securities Co analyst Nguyen Thi Huong wrote in a note. "However, the news did not affect the market as strongly as the earlier detention of banking tycoon Nguyen Duc Kien."

Huong warned that yesterday's tumbling market could be a harbinger of further declines.

On the Ha Noi Stock Exchange, the HNX-Index reached 60.92 points, a drop of 1.18 per cent. Market value totalled VND294.5 billion ($14 million), an increase of 37 per cent, while volume approached 31.8 million shares.

The HNX30 Index dropped by over 2.2 per cent, however, closing at just 113.84 points.

VNDirect Securities Co (VND) was the most-active share, with 4.1 million traded before closing off by 3 per cent on the day.

Brokerages yesterday halted margin trading on shares of Ha Noi-listed Asian Commercial Bank (ACB) along with two bank stocks on the HCM City Stock Exchange – Eximbank (EIB) and Sacombank (STB). ACB and STB closed yesterday unchanged, while EIB shed 1.2 per cent of its value.

Foreign investors were buyers on both bourses, picking up shares worth a combined net of around VND27.1 billion ($1.2 million). — VNS

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