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Posts Tagged ‘selling’

VN-Index sinks under selling pressure

In Uncategorized on December 21, 2010 at 9:37 am

Vietnam’s benchmark VN-Index, which tracks 273 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange, stumbled on December 20 as investors dumped shares heavily.

The gauge trimmed 1.44 percent, or 7 points, to close at 478.29 points.


Among the index members, 73 advanced, 155 retreated, while 50 remained unchanged.


Trading volume on the city bourse severely dropped over the previous trading session as around 66.94 million shares worth VND1.55 trillion changed hands.


Tan Tao Investment Industry Corporation (ITA) won the position of most active share by volume with 4.85 million shares changing hands.


It was followed by Saigon Securities Inc. (SSI), the country’s largest brokerage, with 4.44 million shares traded.


Saigon Thuong Tin Commercial Bank or Sacombank (STB) came in third with 4.19 million shares.


Seafood Joint Stock Company No4 (TS4) eliminated 4.96 percent to VND23,000.


Petrovietnam – Idico Long Son Industrial Park Investment Joint Stock Company (PXL) resumed losing trend, contracting 4.92 percent to VND11,600.


Construction Joint Stock Company No5 (SC5) tripped 4.89 percent to VND38,900.


Meanwhile, Nam Viet Corporation (ANV), and Phu Nhuan Jewelry Joint Stock Company (PNJ) edged up the daily maximum allowed limit of 5 percent to VND14,700 and VND35,700 respectively.


Vien Dong Pharmaceutical Joint Stock Company (DVD) leaped forward the second day, gaining 4.99 percent to VND40,000.


Sieu Thanh Joint Stock Corporation (ST8) surged 4.98 percent to VND23,200.


The Hanoi’s HNX-Index plunged 2.51 percent, or 3 points, to close at 116.7 points. Trading volume dropped to 47.2 million shares worth VND920.35 billion.


The UPCom-Index slipped by 0.51 points to 40.88 points this morning. A total of 192,164 shares changed hands at a value of VND1.89 billion.

Source: SGGP

Farmers earn big time from selling catfishes to US

In Uncategorized on December 16, 2010 at 9:33 am

The Gulf of Mexico oil spill problem rocketed price of exported catfish fillet to the US market, helping local farmer to gain big profits.

(Photo: http://www.dangcongsan.vn)

“We are taking pretty good profits from the surging catfish prices,” said Nguyen Van Mung, a catfish farmer in the Mekong Delta province of Dong Thap.


Local seafood producers exporting catfish fillet to the US market bought small catfishes with an average weight of 750-850 gram strongly at very high prices, he said.


“Farming costs this year was reduced significantly as we sold young catfish,” Mung said, adding that this year’s harvest time was 1-2 months sooner than previous years.


Mung gained a net profit of more than VND2 billion (US$100,000) from selling 700 tons of catfishes at the price of VND22,000 ($1) per kilogram, the highest gain in the last three years.


It usually takes farmers 6-7 months to farm catfishes for European and Asian markets. The US people preferred small catfishes, which are around 4-5 months old, so the profit from this market is better, Mung said.  


“Catfish farmer can make a profit of VND3,000-4,000 per kilogram from the current price offered by seafood exporters,” said veteran farmer Nguyen Van Thanh in the adjacent province of An Giang.


Statistics showed that export turnover of Vietnam’s seafood in October rose 20 percent year-on-year to $532 million. The turnover in the first 11 months of the year reached to the highest ever of $4.5 billion, only $3 billion lower than the year’s target. Analysts said the exported catfish fillet price of $4-4.2 per kilogram would ensure a booming harvest to local farmers.


However, the Mekong Delta Agriculture and Rural Development Department warned that farmers still have to deal with many problems after this year’s harvest time, including the lack of reinvestment and the increase in costs of fish foods and medicine.


Farmers said most of them had to borrow money from banks as it cost a huge investment of VND18-20 billion to breed 1,000 tons of catfishes. Borrowers can now expect to pay 16-18 percent interest on loans, up from 13-14 percent just a few weeks ago.


Banks favor co-operatives
The current lending rate of 16-18 percent is the biggest obstacle for local exporters, said Nguyen Van Dao, director of the seafood maker Go Dang. Some exporters said many lenders were not willing to offer loans to them.


Asia Commercial Bank (ACB)’s Can Tho Province branch, meanwhile, said they still loaned catfish exporters. But they restrained to provide loans for individual farmers, who they struggled to supervise.


The branch said they could consider to loan farmers, who cooperate with co-operatives outsourcing for seafood producers. 

Source: SGGP

Selling dollars to essential-product importers only, says SBV

In Uncategorized on November 27, 2010 at 11:20 am

The State Bank of Vietnam will keep close eyes on selling dollars to essential-product importers at local lenders as it continues to sell the greenback until the end of the year, said vice governor.

A cash teller at the HCMC-based ACB Bank poses piles of dollars. (Photo by Minh Tri)



 


Surge in the foreign exchange rate of Vietnam dong and US dollar on the so-called black market was halted after the State Bank of Vietnam announced it would sell dollars to the market.


 


The Vietnam dong is VND21,260 per dollar on 22nd November on the so-called black market, edging up VND260 in the last two weeks.


 


Despite the central bank’s announcement, local businesses said they struggled to buy the greenbacks from local banks.


 


They explained that they had to exchange the greenback on the so-called black market at the rate of VND20,500-21,260 per dollar, VND500-1,400 higher than local lenders’ announced rate. 


 


Central bank Vice Governor Tran Minh Tuan promised that the state bank will continue to sell dollars to local importers trading essential products, mainly in medicine, steel and sugar, until year end in accordance with the government’s instructions.


 


The state lender sold US$300 million to the market in the first two weeks this month and will continue to sell more, Mr. Tuan said. “The government’s had to use dollars from inward remittance and foreign investments to fill up the trade deficit for many years. Therefore, exporters should also support the domestic greenback supply by selling back dollar to local lenders,” the vice governor said.


 


Mr. Tuan also said that the central bank supervises the dollar selling at local lenders by setting up supervisory teams.


 


The State Bank of Vietnam’s Ho Chi Minh City branch last week helped 14 importers trading essential productions to get loans with preferential interest rates.


 


However, some commercial banks still shunned the central bank’s regulation, selling dollars to some importers to trade luxury cell phones, cosmetics and even some agriculture products that can be produced in local market, according to Ho Huu Hanh, director of the central bank’s Ho Chi Minh City.


 


“It’s hard to find out good clients during tough times. Therefore, we hardly turn down a dollar buying requirement from big clients, who want to import non-essential products,” a director of a local lender, who asked not to be named, said.


 


“On the other hand, we also hesitate to sell dollars to importers trading essential products as we don’t know much about the company’s business status,” he added.


 

Source: SGGP

Stocks slump under selling pressure

In Uncategorized on August 5, 2010 at 11:21 am

Movements of VN-Index on August 5. (Photo: vietstock.vn)The shares of 251 companies listed on the Ho Chi Minh Stock Exchange dropped for a second consecutive day on August 5, amid unimproved demand and the dumping of shares by investors eager to cut losses.

Vietnam’s benchmark VN-Index slipped 0.1 percent, or 0.5 points, to close at 486.21.


Of the index, 67 stocks advanced, 127 fell, while 61 remained unchanged.


Although several stocks retreated to a price level considered reasonable for disbursement, investors neglected to act.


Trading volume was thin, with around 37.4 million shares changing hands, valued at VND1.16 trillion.


Vinh Son – Song Hinh Hydropower Joint Stock Company (VSH) won the spot of most active stock by volume with 1.34 million shares changing hands.


Pha Lai Thermal Power Joint Stock Company came in next, with 1.21 million shares, followed by Vinafco Joint Stock Corporation (VFC) with more than 965,000 shares.


Sao Mai Construction Corporation (ASM) and Chuong Duong Beverages Joint Stock Company (SCD) sank the daily maximum allowed limit of 5 percent to VND76,000, and VND28,500 respectively.


Sao Mai Construction Corporation (ASM) announced that its net revenue reached VND241.9 billion in the second quarter, up 28.41 percent year-on-year, while prime costs reduced by 29 percent, sending its gross profit to VND114.5 billion.


Pre-tax and post-tax profits were at VND104.54 billion and VND80.92 billion respectively.


From July 12 to 23, Le Ngoc Xuyen, sister of Le Thanh Tuan – chairman of Sao Mai Construction Corporation (ASM) sold all 22,200 of her shares for personal needs.


TMT Automobile Joint Stock Company (TMT) dropped 4.88 percent to VND27,300. The company registered to buy 500,000 treasury shares between August 6 and October 30.


Information and Networking Technology Joint Stock Company (CMT) and DESCON Construction Corporation (DCC) declined 4.86 percent to VND33,300 and VND23,500 respectively.


Viet Nhat Seafood Corporation (VNH) led the big gainers on the city bourse, adding up 4.95 percent to VND19,100.


Thien Long Group Corporation (TLG) increased 4.94 percent to VND34,000.


Ha Tien Transport Joint Stock Company (HTV) surged 4.92 percent to VND34,100.


Hanoi’s HNX-Index fell 0.41 points, or 0.28 percent, to 147.45. Trading volume dropped by 10 percent over the previous day to 27.8 million shares, worth VND754 billion.


The UPCoM-Index moved contrastingly, gaining 0.58 points to 51.12, as of 11 am local time. Around VND9.1 billion was spent on 470,000 shares.

Source: SGGP

Vietnam Airlines halts selling domestic low-cost air tickets

In Uncategorized on July 1, 2010 at 6:23 pm




Vietnam Airlines halts selling domestic low-cost air tickets


QĐND – Thursday, July 01, 2010, 21:23 (GMT+7)

Vietnam Airlines (VNA) suddenly announced it would temporarily cease applying its special airfare scheme for agencies participating in a domestic tourism stimulus program between July 1 and August 15, 2010.


Tran The Dung, vice deputy head of the HCM City Tourism Stimulus Group, also director of the Young Generation Tourist Company, said the decision will negatively impact tourist companies and the tourism stimulus program “Vietnam – your destination’’ launched by the Vietnam National Administration of Tourism.


Participating in the stimulus program, VNA had pledged to cut airfares for domestic tours provided by travel agents that join the program until the end of this year, excepting specific holidays.


Travel agents speculated that perhaps so many customers have exploited the low-cost air tickets that VNA had to adjust its program.


Under the Vietnam Airlines’ special airfare program, the HCMC Tourism Stimulus Group attracted 4,052 tourists to central and northern provinces in all-inclusive tours packaged together with low-cost airfares this June.


Tours were offered at rates discounted by 30-35 percent. The number of tourists soared by three times compared to that of May, and ten times over the same period last year when the first tourism stimulus campaign, “Impressive Vietnam,” launched.


After the launch of the first tourism stimulus campaign, authorities and businesses of Vietnam’s tourism industry announced the second tourism stimulus campaign of 2010, “Vietnam – Your destination,” with the hope of attracting more domestic travelers as well as foreign tourists. The program’s goal is to welcome 4.2 million International arrivals and 27-28 million of domestic tourists.


Realizing the opportunity to boost revenues, many businesses within the tourism industry have come to support the new campaign. Hotels, restaurants and other businesses related to tourism have dedicated a variety of discounts to customers participating in the program.


Source: Sai Gon Giai Phong/ VietnamNet


 


Source: QDND

Vietnam Airlines suddenly halts selling domestic low-cost air tickets

In Uncategorized on July 1, 2010 at 2:33 pm

The national flag carrier Vietnam Airlines (VNA) suddenly announced it would temporarily cease applying its special airfare scheme for agencies participating in a domestic tourism stimulus program between July 1 and August 15, 2010, said Tran The Dung, vice deputy head of the Ho Chi Minh City Tourism Stimulus Group. 

Van Mieu Quoc Tu Giam (Temple of Literature), a tourist destination in the North

Mr. Dung, also director of the Young Generation Tourist Company, said the decision will negatively impact tourist companies and the tourism stimulus program “Vietnam – your destination’’ launched by the Vietnam National Administration of Tourism.
 
Participating in the stimulus program, VNA had pledged to cut airfares for domestic tours provided by travel agents that join the program until the end of this year, excepting specific holidays.
 
Travel agents speculated that perhaps so many customers have exploited the low-cost air tickets that VNA had to adjust its program.
 
Under the Vietnam Airlines’ special airfare program, the HCMC Tourism Stimulus Group attracted 4,052 tourists to central and northern provinces in all-inclusive tours packaged together with low-cost airfares this June.
 
Tours were offered at rates discounted by 30-35 percent. The number of tourists soared by three times compared to that of May, and ten times over the same period last year when the first tourism stimulus campaign, “Impressive Vietnam,” launched.


After the launch of the first tourism stimulus campaign, authorities and businesses of Vietnam’s tourism industry announced the second tourism stimulus campaign of 2010, “Vietnam – Your destination,” with the hope of attracting more domestic travelers as well as foreign tourists. The program’s goal is to welcome 4.2 million International arrivals and 27-28 million of domestic tourists.


Realizing the opportunity to boost revenues, many businesses within the tourism industry have come to support the new campaign. Hotels, restaurants and other businesses related to tourism have dedicated a variety of discounts to customers participating in the program.

Source: SGGP

Stocks lose ground under selling pressure

In Uncategorized on June 24, 2010 at 12:43 pm

Movement of VN-Index on June 24. (Photo: Vietstock.vn)Stocks on Ho Chi Minh Stock Exchange declined on June 24 as selling demand took the upper hand.

VN-Index, which tracks 241 companies and four mutual funds, dropped 1.15 points, or 0.22 percent, to finish at 511.67.


Of the index, 109 shares gained, 90 fell, and 46 remained unchanged. More than 53.1 million shares changed hands at VND1.49 trillion.


Though it has approached the 515 mark for seven trading sessions, the benchmark has not yet surpassed it. Demand to buy, especially blue-chip stocks, must increase for the index to advance further.


Vinalink International Freight Forwarders (VNL), which gave up 4.74 percent, was the biggest loser on the city bourse.


Dry Cell and Storage Battery Joint Stock Company (PAC) eroded 4.51 percent to VND63,500.


Meanwhile, seafood producer Nam Viet Corporation (ANV) and General Materials Biochemistry Fertilizer Joint Stock Company (HSI) both closed up 5 percent to VND21,000 and VND16,800 respectively.


Mining company Hoa An Joint Stock Company (DHA), Vien Dong Investment Development Trading Corporation (VID), and Ha Tien Transport Joint Stock Company (HTV) all added 4.97 percent to VND48,600, VND16,900 and VND19,000 respectively.


PetroVietNam Transportation Corporation (PVT) continued to top the list of most active shares by volume with 2.96 million changing hands.


Petrovietnam General Services Js Corporation (PET) was next with 2.51 million shares, followed by Vien Dong Investment Development Trading Corporation (VID) with 1.95 million shares.


In contrast, the Hanoi’s HNX-Index rose 0.12 points, or 0.07 percent, to 162.98. Around 34.6 million shares, worth VND1.16 trillion, were traded.


The UPCoM-Index slid 0.32 points to 46.41 as of 11:25 am local time. Trading volume was at 282,240 shares, worth nearly VND5 billion.


Internationally, the Dow Jones Industrial Average index and Japan’s Nikkei 225 index both rose 0.05 percent. Meanwhile, the Nasdaq Composite index slid 0.34 percent and the S&P 500 index 0.3 percent.


FTSE 100 index declined 1.31 percent. France’s CAC 40 index gave up 1.72 percent.


China’s Shanghai Composite index lost 0.26 percent.

Source: SGGP

German cabinet expands naked short selling ban

In Uncategorized on June 3, 2010 at 2:08 am

BERLIN (AFP) – Germany’s cabinet on Wednesday approved a draft law expanding a ban on naked short selling which angered its international partners to include all stocks traded in Germany, officials told AFP.


The ban “concerns securities that are registered on a regulated German market,” a finance ministry spokesman said.

A trader is seen at Germany’s stock exchange in Frankfurt. AFP photo

It also encompasses certain trades on currencies that are not used for hedging purposes, although this can be implemented in times of crisis, not as a permanent measure — a slight watering-down of the original proposals.


A previous version of the draft law had envisaged a complete ban on short selling currency derivatives.


Last month, Germany rocked its European partners and roiled markets worldwide by unveiling, out of the blue, a ban on naked short selling of sovereign bonds and credit default swaps.


The surprise move, by Germany’s financial regulator, was introduced unilaterally and without informing other G20 countries.


Naked short selling is effectively a bet that a certain stock or government bond will go down on the markets. But unlike conventional short selling, a trader does not even borrow the stock or bond before it is traded.


The practice came under fire as the Greek debt crisis escalated. Many analysts said that such trades artificially inflated Greece’s funding costs.


Critics of the practice also say it can create highly damaging volatility on financial markets.


However, most short selling takes place in London and it is not a common practice in Germany.


Defending the ban at the time, Berlin said it wished to “send out a clear signal to the markets that we want to act where we are able to … in order to tackle excessive speculation.”


The draft bill now passes to the German parliament, where Chancellor Angela Merkel holds a clear majority. Finance Minister Wolfgang Schaeuble was due to hold a news conference at 11:30 am (0930 GMT).

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Source: SGGP

VN-Index almost unchanged amid heavy selling

In Uncategorized on May 25, 2010 at 1:16 pm

VN-Index sinks under selling pressure

In Uncategorized on May 10, 2010 at 8:49 am

Stocks on the Ho Chi Minh Stock Exchange remained in red on May 10 as investors continued to sell heavily to take profits.

The Vietnam’s benchmark VN-Index, which tracks 227 companies and four mutual funds, slid 1.41 percent, or 7.65 points, to close at 534.38 points. Liquidity on the city bourse dropped by 27 percent over the last weekend, but remained high at around 82.6 million shares, worth VND2.58 trillion.


Of the index, 39 stocks rose, 175 fell, and 17 were unchanged.


Decliners on the southern market included Truong Thanh Furniture Corporation (TTF), Long An Food Processing Export Joint Stock Company (LAF), Saigon Cable Corporation (CSG), and Sao Mai Construction Corporation (ASM).


Alphanam Joint Stock Company (ALP) and Ninh Van Bay Real Estate Joint Stock Company (NVT) traded at VND29,400 and VND31,500 respectively, up the daily maximum allowed limit of 5 percent.


Techno – Agricultural Supplying Joint Stock Company rose by 4.99 percent to trade at VND37,900.


Tu Liem Urban Development Joint Stock Copany (NTL) climbed up 4.94 percent to VND170,000 from VND162,000.


Saigon Securities Inc. (SSI) topped the list of the most active stock in volume with 3.45 million shares. Vietnam’s largest brokerage closed down 3.06 percent to trade at VND41,200.


Saigon Commercial Bank or Sacombank (STB) came next with 2.91 million shares, followed by sugar maker Société De Bourbon Tay Ninh (SBT) with 2.87 million shares.


The smaller bourse in the north also stayed in red as the Hanoi’s HNX-Index fell 1.45 percent, or 2.68 points, to finish at 181.7 points. Around 62.7 million shares, worth VND2.17 trillion, changed hands.


The UPCoM-Index rose 0.79 points to 55.03 points. A total of 253,466 shares changed hands at VND4.3 billion.

Source: SGGP