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Vietnam’s stock markets drop most since August after Moody’s lowers rating

In Uncategorized on December 16, 2010 at 10:06 am

Vietnam’s benchmark VN-Index, which tracks 271 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange, slumped on December 16 due to bad news on financial markets.

Moody’s Investors Service downgraded Vietnam government’s bond rating to B1 from Ba3, citing the risk of a balance of payments crisis and a drop in foreign reserves as inflation accelerates and the nation’s currency weakens. Along with this decision, the credit rating agency also cut long-term foreign-currency rating of six Vietnamese banks to B2 from B1.


The gauge tumbled the most since August, slashing 2.69 percent, or 13.26 points, to close at 480.21 points.


Among the index members, 28 advanced, 208 retreated, while 40 remained unchanged.


Trading volume stayed on high level as around 80.79 million shares worth VND1.9 trillion changed hands.


Tan Tao Investment Industry Corporation (ITA) led the list of most active shares by volume with 5.54 million shares changing hands.


It was followed by Saigon Securities Inc. (SSI), the country’s largest brokerage, with 5.29 million shares traded.


Saigon Thuong Tin Commercial Bank or Sacombank (STB) ranked third with 3.24 million shares.


Tan Binh Import – Export Joint Stock Company (TIX) nosedived for five straight days, giving up 5.05 percent to VND39,500. The company will pay dividends for the second term of this year in cash at a ratio of 20 percent to its current shareholders on December 30.


Other losers on the city bourse included Binh Dinh Minerals Company (BMC), Southern Rubber Industry Joint Stock Company (CSM), and Dien Quang Joint Stock Company (DQC).


Among a few gainers, seafood producer Vinh Hoan Corporation (VHC) accelerated 4.83 percent to VND30,400.


Mirae Joint Stock Company (KMR) rebounded 4.76 percent to VND8,800.


Viet Nam Joint Stock Commercial Bank for Industry and Trade or Vietinbank (CTG) advanced the fifth day, enhancing 4.72 percent to VND22,200.


The Hanoi’s HNX-Index plummeted 4.29 percent, or 5.17 points, to close at 115.43 points. Trading volume dropped to 57.7 million shares worth VND1.1 trillion.


Meanwhile, the UPCom-Index tripped by 1.02 points to 41.14 points this morning. A total of 123,200 shares changed hands at a value of VND1.31 billion.

Source: SGGP

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