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Posts Tagged ‘plunges’

VN-Index plunges below 500 due to investors’ hastiness

In Uncategorized on July 26, 2010 at 3:20 pm

Movements of VN-Index on July 26. (Photo: the revival of blue-chip stocks, the Vietnam’s benchmark, VN-Index, dropped below 500 on July 26 as investors lost patience.

The measure of 249 companies and four mutual funds listed on the Ho Chi Minh Stock Exchange declined 0.44 percent, or 2.21 points, to open the week at 498.1.

Trading volume rose slightly over the previous trading session as 42.46 million shares were traded at VND1.23 trillion.

On the index, 56 stocks advanced or treaded water, while 141 fell.

Binh Chanh Construction Investment Shareholding Company (BCI) tumbled 18.23 percent to VND46,200. The company will issue 18,067,000 shares to sell to its current shareholders at a ratio of 3:1 and a price of VND20,000 per share. This is a part of the plan to issue more than 21 million shares, increasing its chartered capital to VND752.6 billion from VND542 billion.

Godaco Seafood Joint Stock Company (AGD) and Nari Hamico Minerals Joint Stock Company (KSS) both sank 4.86 percent to VND35,200 and VND37,200 respectively.

Chuong Duong Beverages Joint Stock Company (SCD) closed down 4.85 percent to VND29,400.

Saigon Thuong Tin Commercial Bank or Sacombank (STB), the sole gainer in banking stocks, topped the list of most active shares by volume with 2.11 million changing hands.

Ocean Group Joint Stock Company (OGC) was behind with 2.05 million shares, followed by Refrigeration Electrical Engineering Corporation (REE) with 1.97 million shares traded.

Baominh Insurance Corporation (BMI) gained 4.86 percent to VND19,400. According to the company’s preliminary business report for first half of this year, its pre-tax profit have climbed to VND103 billion, up 6 percent year-on-year, to reach 54.2 percent of this their goals for the year.

Hoa Binh Construction & Real Estate Corporation (HBC) advanced for the second day, adding 4.84 percent to VND43,300.

The smaller bourse in the north also slumped as Hanoi’s HNX-Index lost 2.29 points, or 1.45 percent, to 155.7 points. Trading volume fell to one-month low as nearly 30 million shares, worth VND873 billion, changed hands.

The UPCoM-Index dipped 0.52 points, to 54.27. A total of 343,800 shares were traded at a value of VND6.05 billion as of 11 am local time.

Source: SGGP

12 dead as bus plunges off elevated road in SKorea

In Uncategorized on July 4, 2010 at 4:07 pm

 A bus plunged off an elevated road as it headed to South Korea’s main airport, killing 12 passengers and injuring another dozen people.

The bus struck a guardrail as it tried to avoid a broken-down car and plummeted about 30 feet (10 meters) down from the road Saturday in Incheon, west of Seoul, police official Kang Bong-soo said.

Rescuers look at a crashed bus in Incheon, South Korea, Saturday, July 3, 2010. Police say a bus has fallen off a bridge as it was heading to an airport, killing 11 passengers and injuring another 13

A Korean-American man was among the dead. An official at Inha University Hospital in Incheon identified him as Kyu Bum Ye, citing his U.S. credit card. No further details were given. The official asked not to be named because he was not authorized to speak to media.

The injured were being treated in nearby hospitals, and some were in serious condition.

The bus was carrying 23 passengers and the driver, Kang said. The injured included a 52-year-old American man, a 23-year-old Mongolian woman and two children aged 5 and 7.

The bridge, which opened last year, links Incheon and nearby Yeongjong Island – home to Incheon International Airport.

Source: SGGP

12 dead as bus plunges off bridge in S.Korea

In Uncategorized on July 3, 2010 at 8:05 am

SEOUL, July 3, 2010 (AFP) – Twelve passengers were killed and eight others were seriously injured when their bus fell from a bridge near Seoul’s international airport on Saturday, police said.

South Korean police and firefighters recover the wreckage of the bus on July 3 2010. AFP

The death toll rose to 12 from five within a few hours after the accident, with some passengers succumbing to injuries after being taken to nearby hospitals.

TV footage of the wreckage showed the bus fell about eight metres (about 27 feet) off Incheon Bridge on to a construction site for an underpass.

A witness said the bus veered off its course as it tried to avoid colliding with a parked car.

The accident happened as the bus, which was carrying about 40 passengers, left Songdo district in Incheon City for Incheon international airport, about 20 kilometres (13 miles) away, police said.

Source: SGGP

VN-Index plunges as investors dump shares

In Uncategorized on May 17, 2010 at 9:03 am

The VN-Index, a measure of 228 companies and four mutual funds listed on the Ho Chi Minh Stock Exchange, sank on May 17 as investors sold heavily to cut losses.

The benchmark lost 9.45 points, or 1.81 percent, to finish at 511.27. Liquidity on the city bourse remained low as around 55.1 million shares were traded, worth VND1.67 trillion.

On the index, 32 stocks advanced, 185 declined, and 15 were unchanged.

Binh Thanh Import Export Production and Trade Joint Stock Company (GIL) gave up 22.34 percent to trade at VND28,500.

From April 14 to 28 SSI Vision Fund, a major shareholder of GIL, bought 128,000 shares, sending it holdings to 639,560 shares, accounting 6.26 percent of chartered capital.

Sugar producer Société De Bourbon Tay Ninh (SBT) lost 13.38 percent to VND12,300 from VND14,200 on the previous day.

Hanoi-based IT company CMC Corporation (CMG) and My Chau Printing & Packaging Holding Company (MCP) both slid 5 percent to VND26,600 and VND13,300 respectively.

Ma San Group Corporation (MSN) rose by 5 percent to trade at VND44,100 from VND42,000.

Gia Lai Cane Sugar Thermoelectricity Joint Stock Company (SEC) climbed up 4.96 percent to VND36,00.

Dien Quang Joint Stock Company (DQC) and Hoang Long Group (HLG) traded at VND53,500 and VND45,000, both up 4.9 percent.

Saigon Securities Inc. (SSI) was the most active stock in volume with 2.93 million shares being changed hands. The country’s largest brokerage closed down 4.09 percent.

Saigon Commercial Bank or Sacombank (STB) came next with 2.39 million shares, followed by Ocean Group Joint Stock Company (OGC) with 1.45 million shares.

Hanoi’s HNX-Index slumped 3.1 points, or 1.79 percent, to close at 169.6 points. Around 42.28 million shares, worth VND1.45 trillion, changed hands. In the trading session this morning, foreign investors returned to buying mood as purchase value reached VND1.9 billion.

The UPCoM-Index also slid 0.36 points to 51.86. A total of 130,008 shares was traded at VND2 billion.

Source: SGGP

Euro plunges to four-year low as debt fears weigh

In Uncategorized on May 17, 2010 at 8:59 am

TOKYO (AFP) – The euro plunged to a four-year low in volatile Tokyo trade Monday as fears about eurozone debt continued to hammer the single currency and regional stock markets.

Sentiment remained fragile despite an EU-IMF rescue package worth almost a trillion dollars designed to prevent the Greek crisis from spreading, as fears grew that the single currency is at risk of collapse.

People pass in front of an electric price index in Tokyo. AFP photo

The euro fell to as low as 1.2243 dollars in Tokyo trade — its lowest since April 2006 — from 1.2358 in New York Friday. It later recovered slightly to 1.2277 in afternoon trade.

Tokyo shares dived 2.17 percent, or 226.75 points, to close at 10,235.76, while Shanghai closed down 5.07 percent, or 136.70 points, at 2,559.93 and Sydney plunged 3.12 percent, or 143.9 points, to 4,467.2. Hong Kong dived 2.48 percent by the break.

The eurozone rescue package was initially greeted with optimism but has since failed to reassure sliding markets, with Europe’s growth prospects stymied by belt-tightening measures announced by Spain, Portugal, Italy, and France.

“Concerns that severe fiscal austerity in the eurozone will crush growth in the region continue to weigh” on the euro, said John Kyriakopoulos of National Australia Bank in Sydney.

“Investors are questioning if tightening fiscal spending really is the right thing to do because it would have a negative impact on the economy,” said Hideaki Inoue, chief forex manager at Mitsubishi UFJ Trust and Banking Corp.

“The entire economic outlook is becoming increasingly grim.”

There was some support from figures showing Japanese machinery orders, considered a leading indicator of corporate Japan’s appetite for spending, rose a better-than-expected 5.4 percent in March from the month before.

Regional markets followed European and Wall Street stocks lower. On Friday the Dow dropped 1.51 percent on escalating fears for the health of the eurozone.

“While a financial safety net is in place (in the eurozone), that doesn’t remove the considerable economic concerns that burden that region,” Jamie Spiteri, head of trading at Shaw Stockbroking in Sydney told Dow Jones Newswires.

Stocks in Japanese exporters extended losses, with their overseas profits threatened by the euro’s weakness. Sony was down 4.50 percent and Kyocera lost 2.87 percent.

“The market has no confidence in the euro,” Mizuho Corporate Bank market economist Daisuke Karakama said, noting the single currency was lower even though there was no fresh news to drive it down.

Gold has soared to record peaks as investors exit the single currency in favour of safe haven investments, with the precious metal opening at 1,237.00 US dollars in Hong Kong, down from Friday’s record high of 1,249.40 dollars.

The debt crisis began as Greece teetered towards default, triggering fears that other weak economies such as Portugal, Spain and Italy may be next.

Worries that a possible debt default by Greece could hit the world’s financial system in the same way the collapse of Lehman Brothers did two years ago have sent shares and the euro plunging.

IMF chief Dominique Strauss-Kahn said Sunday that European nations had taken too long to respond to the Greek crisis.

Athens is now paying a painful price for its past overspending with the government forced to slash civil servant pay and pensions while raising taxes as a condition for the 110-billion-euro EU-IMF bailout.

The IMF and EU agreed the Greek bailout only at the beginning of May, and a week later were forced to put together the trillion-dollar euro rescue plan as investors continued to dump the currency and European shares.

Greek Prime Minister George Papandreou Sunday raised the possibility of taking legal action against US banks, saying they bear “great responsibility” for Greece’s debt crisis, according to a transcript of an interview provided by CNN.

Thai shares were 2.5 percent lower as political violence continued to paralyse the capital with almost 30 people killed as authorities clashed with “Red Shirt” protesters.

Oil was lower. New York’s main contract, light sweet crude for delivery in June, tumbled 1.45 dollars to 70.16 dollars a barrel while Brent North Sea crude for July delivery slid 1.36 dollars to 76.57 dollars.

In other markets:

— Seoul closed 2.60 percent, or 44.12 points, lower at 1,651.51.

— Taipei ended 2.23 percent, or 173.41 points, lower at 7,598.72.

PC maker Acer dived 6.9 percent to a eight-and-a-half-month low of 75.20 Taiwan dollars, while Taiwan Semiconductor Manufacturing Company was off 3.3 percent at 59.20.

— Manila closed 1.23 percent, or 41.11 points lower, at 3,289.31.

Philippine Long Distance Telephone Co. fell 0.19 percent to 2,500 pesos while First Gen Corp. dropped 2.17 percent to 11.25 pesos.

But Metropolitan Bank and Trust Co. gained 1.77 percent to 57.50 pesos.

— New Zealand fell 0.64 percent, or 20.27 points, to 3,170.74.

Telecom shed 1.4 percent to 2.07 New Zealand dollars and construction company Fletcher Building ended down 0.2 percent at 8.16.

Source: SGGP

Eclipse plunges central, east Africa into semi-darkness

In World on January 15, 2010 at 9:18 am

An annular eclipse raced across central and eastern Africa Friday, briefly reducing the Sun to a blazing ring surrounding a sombre disk.

The moon begins to obstruct the view of the sun from earth in Colombo on January 15, 2010. The longest lasting solar eclipse of the last millenium was first visible in Sri Lanka’s north and northeastern areas.

The solar coverup, visible in a roughly 300-kilometre (185-mile) band running 12,900 kms (8,062 miles), will at one point set a duration record that will remain unbeaten for more than a thousand years.

In the Ugandan capital Kampala motorcycle taxi drivers stopped on street corners to share dark glasses and gaze up at the sky.

Some residents were afraid of the intensity of the light.

“Can’t it burn someone? You can’t even look direct because I’m fearing for my eyes. I’m fearing it can burn me,” said Angela Namukwaya, a shopkeeper in a Kampala suburb.

In Kenya, John Saitega, a 34-year-old Maasai and father of six in Olte Tefi 50 kilometres (30 miles) south of Nairobi, said he and his friends learned of the eclipse and the risk gazing at it carries for their eyesight from local radio and television.

They were all sharing one pair of dark goggles and taking turns to look at the Sun, he said.

“It’s getting interesting. Birds are singing. It’s actually getting cold here. It looks like night now,” he told AFP.

An annular eclipse occurs when the Moon passes directly in front of the Sun but does not completely obscure it, thus leaving a ring — an annulus — of sunlight flaring around the lunar disk.

The Moon’s shadow first struck the southwestern tip of Chad and western Central African Republic at 0514 GMT and then flitted across Uganda, Kenya, and Somalia.

The lunar umbra, or shadow was set to cross the Indian Ocean, Bangladesh, India, Myanmar and China before expiring in the Shandong peninsula at 0859 GMT.


Source: SGGP Bookmark & Share

Japan Airlines plunges deep into red

In World on November 13, 2009 at 9:44 am

TOKYO, Nov 13, 2009 (AFP) – Japan Airlines (JAL) announced Friday a massive loss and sought breathing space from its creditors as Asia’s biggest carrier waits to see whether it will secure another public bailout.

This picture taken on November 6, 2009 shows a Japan Airlines passenger jet takes off from Tokyo’s Haneda airport. (AFP photo)

The airline scrapped its forecasts for the rest of the year due to uncertainty surrounding its turnaround efforts, which are expected to involve thousands of job cuts and drastic route reductions.

JAL reported a net loss of 131.2 billion yen (1.45 billion dollars) for the fiscal first half to September, against a year-earlier profit of 36.7 billion yen.

“Since the subprime crisis emerged, our business has been affected by drops in the number of business passengers as well as the emergence of the new type of influenza,” said JAL executive officer Yoshimasa Kanayama.

“The second half of the year is expected to remain severe.”

The cash-strapped carrier, which is seeking a financial lifeline from the government to keep flying, said it had applied for a debt restructuring scheme that could allow it to delay payments to creditors.

Japan Airlines president Haruka Nishimatsu hinted he could step down once the turnaround plan has been put together, apologising for the company’s troubles.

“I feel a lot of responsibility that it has come to this. But currently there are things to be done and we need to set up and put in place a restructuring plan as quickly as possible,” he told a news conference.

“Only when that has been done will I announce something” on possible management changes, he said, when asked about whether he might step down.

The carrier is seeking an injection of public funds to boost its capital as it restructures under the supervision of government-backed Enterprise Turnaround Initiative Corp. of Japan.

But the turnaround body appears unlikely to make a decision on whether to inject public funds into the company before early next year.

JAL is also set to receive an emergency loan from the state-backed Development Bank of Japan, the government said earlier this week, without disclosing the amount.

The loss-making airline is thought to urgently need about 200 billion yen in emergency financing.

JAL, the recipient of three government bailouts since 2001, has said it plans thousands of job cuts and a drastic reduction in routes, although its restructuring plan has not yet been finalised. The airline is also trying to reduce the burden of heavy pension obligations.

Source: SGGP Bookmark & Share