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Stocks slump as investors sell heavily

In Uncategorized on October 14, 2010 at 6:30 pm

Movements of VN-Index on October 4. (Photo: vietstock.vn)The VN-Index, a measure of 261 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange, tumbled on October 4 as investors dumped shares on speculation that stocks would decline further.

The benchmark slashed 1.3 percent, the highest level since September 23, or 5.88 points, to close at 455.83 points.


Liquidity on the city bourse improved by 20 percent over the average level of last week as more than 50 million shares changed hands at VND1.22 trillion.


On the index, only 18 stocks advanced, 219 dropped, while 29 treaded water.


Ocean Group Joint Stock Company (OGC) was the most active share by volume with 2.07 million shares changing hands.


It was followed by Saigon Thuong Tin Commercial Bank or Sacombank (STB) with 1.424 million shares.


Investment and Trading of Real Estate Joint stock Company (ITC) chased after with 1.42 million shares.


Dream House Investment Corporation (DRH) dived 14.29 percent to VND13,200. The company will issue 5.01 million shares. Of which, 749,500 shares are bonus shares, and the same amount is to pay dividends for its current shareholders at a ratio of 100:5.


The company will sell 1,798,800 shares to its current shareholders at a ratio of 100:12, and 112,200 shares to its employees at a price of VND10,000 per share. It will also sell 1.6 million shares to major investors at a price not less than VND16,000 per shares.


The company is expected to collect VND44.71 billion after the sale.


Other losers included DESCON Construction Corporation (DCC), Tay Bac Minerals Investment Joint Stock Company (KTB), and Sai Gon Telecommunication & Technologies Corporation (SGT).


Among a few gainers, Dinh Vu Port Investment & Development Joint Stock Company (DVP) emerged 3.94 percent to VND36,900.


Beton 6 Corporation (BT6) advanced the first time in three straight trading sessions, adding up 2.9 percent to VND71,000.


The northern bourse also opened week in red as the Hanoi’s HNX-Index contracted 4.89 points, or 3.89 percent, to 120.92 points. Around 44 million shares were traded at a value of VND931 billion, the most impressive trading result in the past ten sessions.


The UPCoM-Index sliced 0.28 points to 45.26 points as of 11:10 am local time. A total of 250,000 shares changed hands at VND4.2 billion.

Source: SGGP

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