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Stocks nosedive over bad news

In Uncategorized on October 21, 2010 at 11:52 am

Movements of VN-Index on October 20. (Photo: vietstock.vn)Vietnam’s benchmark VN-Index plummeted the most in one month on October 20 as investors lost patience on speculation that losing trend would maintained further. Most investors resigned themselves cutting losses at the lowest prices.

In addition, tumbles of global stock markets because of an unexpected interest-rate increase by China also damaged local investors’ confidence.


The shares of 264 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange plunged 2.66 percent, or 12.08 points, to finish at 442.17 points.


Trading volume significantly improved over the previous trading session. Around 41.25 million shares changed hands at more than VND1 trillion, an increase of 22.6 percent in volume and 12.33 percent in value.


Among the index members, only 15 stocks advanced, 236 slumped, while 18 moved flatly.


Ocean Group Joint Stock Company (OGC), which traded 1.55 million shares today, was the most active share in volume.


Refrigeration Electrical Engineering Corporation (REE) followed with 1.42 million shares changing hands.


Investment and Trading of Real Estate Joint Stock Company (ITC) came in third with 1.27 million shares.


On the measure, there were 11 shares which sank the maximum allowed limit of 5 percent, leading by sweet producer Bibica Corporation (BBC), Cadovimex Seafood Import-Export and Processing Joint Stock Company (CAD), and Saigon Garment Manufacturing Trade Joint Stock Company (GMC).


Today, 799,927 bonus shares that Cadovimex Seafood Import-Export and Processing Joint Stock Company (CAD) issued to reward its current shareholders officially traded on the city bourse.


Among a few gainers, DESCON Construction Corporation (DCC) surged 4.69 percent to VND26,800.


The smaller bourse in the north also nosedived as the Hanoi’s HNX-Index collapsed 3.67 percent, or 4.28 points, to close at 112.28 points. Liquidity increased by 27.94 percent in volume and 12.81 percent in value as 35.6 million shares traded at VND662.75 billion.


The UPCoM-Index clipped 0.29 points to 42.73. Around VND3.28 billion were spent on 237,000 shares this morning.

Source: SGGP

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