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Posts Tagged ‘slide’

VN-Index dodges slide to end week on upward trend

In Uncategorized on July 23, 2010 at 11:19 am

Movements of VN-Index on July 23. (Photo:’s benchmark VN-Index strove to avoid falling on July 23, as investors displayed caution.

The gauge of 247 companies and four mutual funds listed on the Ho Chi Minh Stock Exchange inched up 0.01 percent, or 0.03 points, to 500.31.

Of the index, 79 stocks increased, 119 fell, and 53 were unchanged.

Trading volume dropped to an eight-trading-session low, as just 39.66 million shares changed hands at VND1.17 trillion.

With 1.85 million shares changing hands, Saigon Thuong Tin Commercial Bank or Sacombank (STB) won the position of most active shares in volume.

Ocean Group Joint Stock Company (OGC) came in next with 1.67 million shares traded.

Shipping company Gemadept Corporation (GMC), which gave up 3.6 percent, came in third with 952,060 shares.

Meca Vneco Investment and Electricity Construction Joint Stock Company (VES) led the winners on the city bourse, gaining 4.79 percent to VND35,000.

Danang Contruction Building Materials and Cement Joint Stock Company (DXV) advanced 4.75 percent to VND35,300.

Do Van Vu, brother of Do Van Nhan – deputy director of Danang Contruction Building Materials and Cement Joint Stock Company (DXV) sold 5,300 shares on June 22 without making announcement.

Construction materials producer Nui Nho Co-operation (NNC), which located in neighboring province of Binh Duong, shot up 4.67 percent to VND56,000.

Losers in the southern market included Royal International Corporation (RIC), Vinafco Joint Stock Corporation (VFC) and Petrolimex International Trading Joint Stock Company (PIT).

From July 22 to August 22, Vietnam Investment Fund I, LP, which involved the Board of Directors of Vinafco Joint Stock Corporation (VFC), registered to sell 400,000 shares, cutting its holdings to 1,379,016 shares, accounting for 6.9 percent of the company’s chartered capital, restructuring its investment category.

Royal International Corporation (RIC) will issue bonus shares to reward its current shareholders at a ratio of 10 percent. It will also release additional shares to pay dividends for the year 2009 at a ratio of 5 percent.

The Hanoi’s HNX-Index added 0.31 points, or 0.2 percent, to wrap up the week at 157.99. Liquidity on the northern bourse reduced 10 percent over the previous day, as around 32.8 million shares, worth VND1 trillion, changed hands.

In contrast, the UPCoM-Index lost 0.25 points, or 0.46 percent, to 54.63 as of 11:05 am local time. The market of unlisted stocks recorded nearly 600,000 shares being traded at a value of VND10.1 billion.

Source: SGGP

Dow industrials climb 57 to break seven-day slide

In Uncategorized on July 7, 2010 at 4:12 am

The Dow Jones industrial average broke a seven-day slide Tuesday after traders sifted through the market for beaten-down stocks.

The Dow rose 57 points, or 0.6 percent, after dropping 7.3 percent in just the past two weeks and reaching its lowest level since October. Traders were looking to pick up stocks while they’re still cheap, but the buying was selective and there were more losing stocks than gainers on the New York Stock Exchange. The Dow rose as much as 172 points in morning trading but also fell into the red by mid-afternoon.

“There are pockets of opportunity out there. There are some areas with good valuations,” said Aaron Reynolds, senior portfolio analyst at Robert W. Baird in Milwaukee.

High-tech and oil service companies were among the market leaders. But retailers slumped amid downbeat comments from analysts and ahead of reports later in the week on June sales. Investors are concerned that a weakening of the economic recovery will keep cautious consumers out of stores. Macy’s Inc. fell 2.5 percent, while Home Depot Inc. lost 1.5 percent.

In this file photo taken March 9, 2010, people walk on Wall Street, in New York

The unevenness to the day’s moves signaled that traders remain on edge about the economy.

Brian Dolan, chief currency strategist at in Bedminster, N.J., said a rise in Treasury prices made it clear that worries remain. Treasurys have been rallying during the past month as investors worried about where the economy is heading looked for a safe place for their money.

“We’ve obviously ratcheted down the outlook and now it’s a question of how much further,” Dolan said, referring to the economy. “From here I would expect to see further weakness.”

The day’s economic news didn’t offer investors much incentive to buy. The Institute for Supply Management, a trade group of purchasing executives, said growth in services businesses slowed last month. Its services index fell to 53.8 from 55.4 in May. Economists polled by Thomson Reuters forecast a reading 55.0. Anything above 50 indicates growth.

The Dow rose 57.14, or 0.6 percent, to 9,743.62. The broader Standard & Poor’s 500 index rose 5.48, or 0.5 percent, to 1,028.06, and the Nasdaq composite index rose 2.09, or 0.1 percent, to 2,093.88.

The market’s advance came after stocks dropped Friday on a report found that employers didn’t ramp up hiring as much as economists had forecast. It was the second straight month hiring by private employers missed expectations. U.S. markets were closed Monday for Independence Day.

Meanwhile, bond prices rose. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 2.94 percent from 2.98 percent late Friday.

Crude oil fell 16 cents to settle at $71.98 a barrel on the New York Mercantile Exchange.

Oil service companies rose after a Barclays Capital analyst upgraded ratings for the industry. Halliburton Inc. rose 72 cents, or 2.8 percent, to $26.46.

Some of the tech stocks that were pounded in recent weeks had a natural bounce back. Microsoft Inc. rose 55 cents, or 2.4 percent, to $23.82. Intel Corp. rose 28 cents, or 1.5 percent, to $19.48.

Macy’s fell 44 cents, or 2.5 percent, to $17.41, while Home Depot fell 42 cents, or 1.5 percent, to $27.34.

The number of stocks that fell narrowly outpaced those that rose on the NYSE, where consolidated volume came to 4.7 billion shares, compared with 4 billion Friday.

The Russell 2000 index of smaller companies fell 8.94, or 1.5 percent, to 590.03.

Overseas markets rose after investors found stock prices more attractive and Australia’s central bank issued an upbeat forecast for the country’s economy. Britain’s FTSE 100 rose 2.9 percent, Germany’s DAX index gained 2.2 percent, and France’s CAC-40 jumped 2.7 percent. Japan’s Nikkei stock average rose 0.8 percent.

Source: SGGP

BP shares slide on oil spill fallout

In Uncategorized on June 10, 2010 at 10:59 am

LONDON, June 10, 2010 (AFP) – BP shares collapsed by almost 16 percent Thursday as the US government tightened the screw on the British oil giant over the Gulf of Mexico oil spill that has cost the company billions of dollars.

BP shares slumped 15.7 percent in early London deals, mirroring the size of a fall Wednesday by the group’s US traded-shares as the US government gave the company 72 hours to update plans for containing the spill.

A flare burns from a drill ship recovering oil from the ruptured BP oil well over the site in the Gulf of Mexico on June 9, 2010 off the coast of Louisiana. AFP photo

In initial deals BP’s shares plunged 15.7 percent to 330 pence before pulling back to 370 pence, a drop of 5.50 percent.

The latest movements came as BP said Thursday it had spent about 1.43 billion dollars (1.19 billion euros) on efforts to contain the Gulf of Mexico oil spill and on compensation.

But the group’s market value has shed billions of extra dollars owing to the share price slumps since the Deepwater Horizon oil rig that it operates sank on April 22 — two days after an explosion killed 11 workers.

US President Barack Obama has severely criticised BP and its chief executive Tony Hayward over its handling of the worst US oil spill and environmental disaster in history.

London mayor Boris Johnson hit back on Thursday, claiming that BP was the victim of “anti-British rhetoric”.

“I do think there’s something slightly worrying about the anti-British rhetoric that seems to be permeating from America,” Johnson told BBC radio.

“I would like to see a bit of cool heads rather than endlessly buck-passing and name-calling.

“When you consider the huge exposure of British pension funds to BP it starts to become a matter of national concern if a great British company is being continually beaten up on the airwaves.

“It was an accident that took place and BP is paying a very, very heavy price indeed,” he added.

Obama had said he was looking for some “ass to kick” as recriminations mount and the oil spill wreaks havoc on the fragile Gulf coastline.

The president added this week that he would have sacked Hayward for flippant comments made about the impact of the disaster.

Hayward had said that the spill would be “very, very modest” and described it as relatively “tiny”. He has since apologised for the comments.

BP meanwhile added on Thursday that it was “not aware of any reason which justifies” the near 16-percent drop in the group’s share price in Wall Street trade on Wednesday, as it was making progress with containing the spill.

BP is said to be collecting about 15,000 barrels a day from the leak.

New York-traded shares in BP plunged 15.80 percent to 29.20 dollars overnight — — their lowest level in 14 years.

A bemused BP hit back at the US share price slide, claiming it was a “strong” company financially and had “significant capacity and flexibility in dealing with the cost of responding to the incident, the environmental remediation and the payment of legitimate claims.”

BP’s share price had already tumbled in London on Wednesday, as investors feared that intense political pressure from Washington over the Gulf of Mexico oil spill could force the group to axe its prized shareholder dividend.

BP’s London share price has collapsed by more than 40 percent since the accident, which sparked an enormous oil spill from a leaking well head on the ocean floor.

US disaster control chief Thad Allen said Wednesday that he had sent a letter to BP demanding records of reimbursement claims filed by individuals and businesses for damages stemming from the spill.

Obama has warned BP that it must not short-change Gulf of Mexico disaster victims.

Source: SGGP

Stocks slide anew, but it’s still not a correction

In Uncategorized on May 8, 2010 at 8:39 am

The stock market’s wild ride may not be over yet.The Dow Jones industrials whipsawed again Friday, a day after their largest one-day plunge. The average was down as much as 279 points in the morning, went briefly into the black around lunchtime, then ended with a loss of 139.

Not quite as terrifying as the brief 1,000-point plunge the day before, but still extraordinarily volatile. It’s normal for markets to trade erratically a day after such a disruptive move, but analysts are divided over whether stocks are in the process of finding a bottom or whether too many investors are too spooked to get back in.

“It’s a pile of uncertainty … We don’t have any more clarity than we did yesterday,” said Art Hogan, chief market analyst at Jefferies & Co. in Boston. “We’re going to have investors who are less inclined to be in this marketplace until we get some clarity.”

Traders were still anxious amid lingering questions about what caused Thursday’s sudden drop. Several possibilities were being investigated but as of late Friday no clear explanation had emerged.

Specialist Gregg Maloney works on the floor of the New York Stock Exchange, Friday, May 7, 2010, in New York

Investors looked past a surprisingly strong report on the U.S. jobs market and focused instead on the latest moves in Europe‘s spreading debt crisis. Their concerns have fed a wave of turbulence over the past two weeks, including four straight days of selling this week, and helped trigger Thursday’s drop.

Technology stocks were particularly hard hit following reports that Nokia Corp. was broadening its legal fight against rival cell phone maker Apple Inc. to include the iPad, Apple‘s new hit product. Apple shares fell 4.2 percent in heavy trading.

The concerns about Europe’s debt crisis go far beyond Greece. A further loss of confidence in European government debt could have an impact on other weak countries like Portugal, potentially requiring another difficult bailout process.

Germany’s parliament approved Berlin’s share of the rescue package after a boisterous debate, but investors still fear that Greece may not make a May 19 deadline to make a debt repayment. That could cause ripple effects throughout the global financial system and further undermine Europe’s shared currency, the euro.

“You’re not concerned about the kid with the cold, but how he spreads it to the rest of the class,” said Len Blum, a managing partner at investment bank Westwood Capital. Blum noted that Greece’s debt problem could be similar to the subprime mortgage meltdown in the U.S., which quickly spread to other parts of the financial system.

The Dow closed down 139.89, or 1.3 percent, at 10,380.43.

The Standard & Poor’s 500 index fell 17.27, or 1.5 percent, at 1,110.88, while the Nasdaq composite fell 54, or 2.3 percent, to 2,265.64.

Falling stocks outpaced gainers two-to-one on the New York Stock Exchange, where consolidated volume was very heavy at 9.5 billion shares, compared with 10.4 billion on Thursday.

Friday’s trading left the Dow down 5.7 percent for the week and erased its gains for the year. The S&P fell about 6.4 percent, while the Nasdaq was off 7.9 percent for the week. The S&P and Nasdaq also went into the red for 2010.

The Russell 2000 index of smaller companies was off 8.9 percent for the week, and the Dow Jones U.S. Total Stock Market Index fell 834.93, or 6.8 percent, to 11,444.25.

The week’s losses would put the market about well toward what analysts call a correction, usually defined as a drop of between 10 percent and 20 percent following a sustained rise. The Dow is now 7.4 percent off its recent high of 11,205.03 reached on April 26. The S&P 500 is down 8.7 percent from its recent high of 1,217.28 reached April 23.

“We were in the midst of a pullback, we needed one, we got one,” said Peter Cardillo, chief market economist at New York-based brokerage house Avalon Partners Inc. Cardillo said the choppy trading after such a drastic decline likely signals the market trying to find a bottom.

Stocks have been on a nearly uninterrupted upward path since March of last year, when indexes hit 12-year lows. Analysts have been predicting a correction for months, only to see the market bounce back after brief periods of decline.

Long-term market watchers actually welcome occasional pullbacks in stocks, saying that gives investors opportunities to pick up shares at bargain prices.

“We had the earthquake, we’re now in the midst of getting the aftershocks,” said Steven Goldman, chief market strategist for Weeden & Co. in Greenwich, Conn. “When the market’s so close to new highs, it’s difficult to have rallies. But when you’re down 10 or 12 percent from recent highs, we can deal with uncertainty better.”

The Labor Department reported that employers added 290,000 jobs last month, far more than expected and the biggest jump in four years. However the jobless rate rose to 9.9 percent from 9.7 percent as more people looked for work.

The big improvement in the jobs report brought some clarity to the biggest question remaining for the U.S. economy: When employers would start hiring again. Despite positive signs in manufacturing and housing, job creation has been lagging far behind other sectors of the economy, a worrisome point for economists. Friday’s report may help change that perception.

“It’s a good-size number and it had a lot of breadth,” said John Silvia, chief economist at Wells Fargo. “There isn’t a double-dip out there. The employment situation suggests that we have a sustained economic recovery in the U.S. Companies are hiring people.”

Apple fell $10.39, or 4.2 percent, to $235.86.

Oil fell, and gold rose. The dollar was mostly lower against most currencies. The euro clawed back some ground against the dollar after several days of declines.

European markets were broadly lower.

The declines were deepest in France, where the CAC-40 index tumbled 4.6 percent. Germany’s DAX fell 3.3 percent and Britain’s FTSE 100 fell 2.6 percent. Japan’s Nikkei fell 3.1 percent.

Source: SGGP

Stocks slide to one month low

In Vietnam Stock Market on September 9, 2009 at 2:53 am

The Ho Chi Minh Stock Exchange remained bearish on Monday over quiet trading.

The VN-Index, Vietnam’s major stock index, dropped 3.7 percent to 412.88 points, the lowest in a month. Among the index members, 147 companies declined, 14 rose and 2 remained unchanged.

Turnover remained fairly low, with only 26.7 million shares being traded for VND903 billion (US$50.7 million).

Lu Gia Mechanical Electric Joint-Stock Company (LGC), a company that manufactures street lighting and traffic signals, fell 4.5 percent to VND21,100, the lowest since April 27.

The company will list 753,051 shares on July 23, according to a statement filed to the stock exchange’s website July 17.

Thien Nam Trading Import Export Corp. (TNA), an importer of confectionery and trader of electrical appliances, steel and truck components, slumped 4.91 percent to close at VND25,200. 

Thien Nam posted pretax profits of about VND9 billion ($505,000) in the first half of the year, down from VND9.4 billion in the same period last year, according a statement on the bourse’s website after the market closed.

Hoang Anh Gia Lai Joint-Stock Co. (HAG), Vietnam’s biggest listed property company, slid for a fifth straight day, the longest-losing streak since April 21, falling 0.7 percent, to VND67,000.

Saigon Thuong Tin Commercial Joint-Stock Bank started selling 1.1 million shares in Hoang Anh last week, according to the exchange’s website.

Ho Chi Minh City Infrastructure Investment Joint-Stock Company (CII) was also among today’s losers, losing 2.37 percent to VND37,000. The firm said on the exchange’s website that KITMC Worldwide Vietnam RSP Balanced Fund became one of its most substantial shareholders, buying 136,000 shares.

The purchase started last week, boosting the investment fund’s stake in CII to 5.14 percent from 4.8 percent, according to the statement on the bourse’s website.

The HNX-Index of the smaller exchange in Hanoi fell to its lowest level in the last two months, slipping 3.9 percent to end the day at 138.55.

Source: SGGP

Exports on the slide as global prices fall

In Uncategorized on November 28, 2008 at 4:58 pm

Fallout from the global financial crisis and the knock-on effect of economic recessions affecting many countries have had a negative impact on Vietnamese exports, with export values continually declining since September.

This fall goes against the trend experienced in the past, with the export market bustling and export values increasing during the year-end period.

According to the General Statistics Office, the country posted an export value of 4.8 billion USD during November, the lowest total for eight months.

The prices of almost all of Vietnam ’s export staples have fallen in recent months, including the prices of crude oil, rice, coffee and rubber latex.

In November, the export value of crude oil dropped from 669 million USD to 505 million USD, while earnings from exports of rice and seafood fell by tens of millions of USD.

In addition, exports of other products, such as garments and textiles, footwear and seafood were affected by trade barriers, including anti-dumping taxes and the monitoring mechanisms of major markets such as the US and EU.

Other factors include the difficulties facing producers and exporters in gaining access to sources of capital due to the government’s strict monetary policy and the scarcity of Vietnamese currency in the market during the first months of this year. Another reason is the poor competitiveness of Vietnamese goods compared to similar goods produced by other ASEAN countries and China .

In addition to the decrease in exports, Vietnam is likely to face a huge trade deficit. Last year, the country had a deficit of more than 14 billion USD. This year, the figure for the first 11 months has reached almost 17 billion USD.

Economist Vo Tri Thanh from the Central Economic Research Institute said that increasing competitiveness through low prices is rendered obsolete when technical barriers are put in place by the US , EU and Japanese markets.

Even though the Ministry of Industry and Trade has predicted an export value of 63 billion USD for this year, there remain worries over exports during 2009. The target for export growth in 2009 has been reduced accordingly to 13 percent by the National Assembly, down from the previous target of 18 percent set by the government.

The Ministry of Industry and Trade has requested banks to give priority to granting credit and ensuring a supply of capital for businesses, to allow them to purchase materials for production and exports, while continuing to reduce interest rates to encourage consumption and promote production.

The ministry also urged businesses to expand their markets, reducing their dependence on traditional markets. Relevant agencies and associations have been reminded to cooperate with businesses to remove any obstacles in order to stimulate exports.

Beside measures to promote exports, a series of additional measures, such as the quality check of imported goods, the use of technical barriers and the examination of goods prior to customs clearance will be adopted in an effort to limit the extent of the trade deficit.-

Stock market bucks global slide

In Uncategorized on November 17, 2008 at 10:19 am

HA NOI — The VN-Index made modest gains yesterday as global markets continued to fall and oil prices slid to 21-month lows, with fears of global recession deepening.

The VN-Index rose by 3.91 points in Thursday’s trading, or 1.14 per cent, to close at 346.24. Eighty-six shares advanced while 40 declined and 42 remained unchanged. A total volume of 14.44 million shares were traded yesterday for a conmbined value of VND472.17 billion (US$28.11 million).

Sacombank (STB) was the most active share, with orders for up to 2.83 million, followed by Saigon Securities Inc (SSI) at 1.21 million. FPT and PetroVietnam Finance (PVF) were also active, trading at about 865,000 and 756,000 shares, respectively.

Foreign investors were net sellers by a substantial margin, shedding 6.2 million shares while picking up only about 2 million.

The former general director of the Morgan Stanley Group in the Asia-Pacific, Andy Xie, said that the world financial crisis would have a more negative impact on the economies of many developed countries than it would on those of developing nations like Viet Nam.

And, while several previous sessions on the HCM City Stock Exchange have seen the domestic market closely tracking developments on world markets, yesterday rising market ran counter to the results on Wall Street and on European markets.

The Vietnamese market still has potential independence from what is going on elsewhere in the world, indicating that investors in financial and banking shares might think twice before withdrawing from the domestic stock market, suggested Philip Crouch of ANZ Bank Group.

In Ha Noi yesterday, the HASTC-Index paralleled foreign markets more closely, sliding 2.34 points or 2.1 per cent to close at 110.64, with 114 gainers, 22 losers and 15 shares inactive. Trading volume was 7.47 million shares for a value of nearly VND206.9 billion ($12.5 million). —