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Stocks retreat over sharp blue chip selling

In Vietnam Stock Market on September 10, 2009 at 8:06 am

The Ho Chi Minh Stock Exchange closed on a lower note Wednesday as investors cashed in on yesterday’s rally, sharply selling blue chip stocks.


VN-Index, the gauge of 170 stocks on Vietnam’s main exchange in HCMC, inched down 1.7 points, 0.32 percent, to close at 536.11. Among its members, 83 stocks declined and 65 advanced.


Credit Suisse Group AG on September 2 said investors should sell Vietnamese stocks amid “excessive” valuations after the benchmark index jumped 71 percent this year and slowing bank credit will end the market’s outperformance.


“Investors’ sentiment was shaken a little by Credit Suisse’s warning. They sold stocks in the last three days, but yesterday started to buy more. We have seen more inflow of money into blue-chip stocks,” said an analyst of a HCMC-based brokerage, “Unlike some who are say that September is usually the month when the index slides, I think we will have a rally this month.”


Hoang Long Group (HLG), which engages in property development, taxi transportation, shipping, and natural resource exploration, became the 169th member of the bourse today.


The group, based in the Mekong Delta province of Long An, started trading almost 28.8 million shares at an initial price of VND30,000. The shares gained by the maximum limit for the first trading day of 20 percent, to VND36,000, valuing the company at more than VND1 trillion.


OPC Pharmaceutical Joint-Stock Co. (OPC), a herbal medicines manufacturer and trader, dropped 1.9 percent, to VND52,500. Nguyen Thi Minh Tam, OPC Pharmaceutical’s chief accountant, cut her stake in the company to 140,282 shares, 1.7 percent, from 2.5 percent by selling 60,000 shares, the company said in a statement on the exchange’s website.


Tran Nhut Thi Anh Hoang, wife of Nguyen Dang Thoai, a deputy CEO and board member of the company, plans to sell her entire stake of 26,100 shares by September 30, according to another company statement to the bourse.


Hoa Phat Group Joint-Stock Co. (HPG VN), Vietnam’s biggest-listed steel producer, advanced 4.3 percent, to VND73,000, the highest since August 26, 2008. Hoa Phat got credit assurance of VND330 billion (US$18.5 million) from the Hanoi-based Bank for Investment & Development of Vietnam to develop its real estate projects and raise working capital for its energy affiliate, Hoa Phat said in a statement on its website today.


The HNX-Index of the smaller exchange in Hanoi also lost marginally 0.81 points, 0.48 percent, to finish at 167.02.


At the unlisted stock exchange UPCoM, the UPCoM-Index dropped 1.66 points, 2.57 percent, to 63.04.


Source: SGGP

Blue chips continue downward spiral

In Uncategorized on September 11, 2008 at 9:42 am


Hanoi (VNA) – Significant purchases of blue chips occurred at the beginning of Sept. 10 session which made the VN-Index fall by 2.10 percent to close at 514.45 points.

Some blue chips on Sept. 10 recorded a bounce, including PetroVietnam Drilling (PVD), Kinh Do Corporation (KDC), and Vietnam Dairy Products – Vinamilk (VNM).

”Substantial purchase of big stocks at the beginning of Sept.10 session contributed to their rebounding. It also turned a potential crash of the VN-Index into a slight decline,” said broker Nguyen Hoang Hai at An Binh Securities.

Hai also said that a massive sale of big stocks mid-session swept away all attempt to warm up large stocks.

”As a result, most blue chips continued to slip and the VN-Index stayed down,” Hai added.

Blue chips that suffered the biggest losses included Imexpharm Pharmaceuticals (IMP), Binh Dinh Minerals (BMC), and Financing and Promoting Technology (FPT).

In the market as a whole, 26.15 million shares changed hands, generating a turnover of 860.89 billion VND (52.18 million USD).

In the Hanoi Securities Trading Centre, the HASTC-Index made a consecutive downturn on Sept. 10, slipping 0.94 percent to 175.19 points. The centre saw 12.99 million shares transacted on the day with a total revenue of 540.88 billion VND (32.78 million USD).-

Blue book on EU-Vietnam cooperation released

In Uncategorized on June 26, 2008 at 2:29 pm

Hanoi – The EU “Blue Book 2008” – an annual report on the European Union’s development cooperation with Vietnam – was launched in Hanoi on June 26.

The book’s 10th annual edition provides concretes facts and figures on the achievements of 2007 and indicative commitments for 2008 and underlines the EU’s main policy orientations, primarily poverty elimination, and commitments for 2008.

At the launching ceremony, Ambassador-Head of the Delegation of the European Commission to Vietnam Sean Doyle said the Blue Book highlighted the EU’s efforts to increase aid effectiveness in Vietnam .

He congratulated Vietnam on its selection as one of exemplary cases to be presented at the High Level Forum on Aid Effectiveness in Accra , Ghana , in September.

This year’s Blue Book also highlights EU policies and activities related to environment, and the environment and climate change in Vietnam .

The book says climate change in Vietnam is a development issue which is forecast to bring negative impacts on economic growth, and particularly on poor and vulnerable people in rural areas.

The EU, including the European Community and member states, is the largest provider of grant assistance to Vietnam and a key player in assisting the country’s socio-economic development.

The total EU commitment for 2008 is more than 665 million EUR (962.8 million USD), equal to 17.7 percent of total foreign aid to Vietnam . Of the figure, almost two thirds, 404 million EUR or nearly 582 million USD, are non-refundable aid.