Stock market carnage continues

The Ho Chi Minh Stock Exchange continued to test new lows on Monday as investors dumped shares heavily.

The VN-Index, Vietnam’s main stock index, fell 10.99 points, or 3.7 percent, to close at 288.69, its lowest since October 6, 2005. During the trading session, 14.45 million shares changed hands. Among the index members, 136 dropped, 11 gained, and 21 were unchanged.

Hoa Sen Group (HSG) became the 168th member of the benchmark index today, according to the exchange website. The shares fell VND1,600 dong, or the maximum 5 percent allowed in any one trading day, to close at VND30,400, giving the company a market capitalization of VND1.73 trillion (US$102 million).

Royal International Corp., (RIC) dropped VND800, or 4.7 percent, to close at VND16,200, the stock’s biggest decline in a month. The company has received approval from the HCMC Exchange to sell an additional 2.2 million shares, according to the exchange’s December 6 bulletin. The company now has 49 million shares on issue and a market value of VND797.6 billion. The bulletin didn’t say when the new shares would be issued.

Saigon Telecommunication & Technologies Joint Stock Co. (SGT) rose the most in two weeks, gaining VND1,000, or 4.8 percent, to close at VND21,800. Kinh Bac City Development Shares Holding Corp., said it plans to buy 2 million shares to increase its stake to 22.3 percent from 18.89 percent starting today. The stock purchase is expected to be completed by February 8, the HCMC-based company said in a stock exchange statement. Kinh Bac rose VND3,400, or 6.8 percent, to finish at VND53,700.

Dong Nai Roofsheet & Construction Material Joint Stock Co. (DCT) rose by the most in a week, climbing VND300, or 3.5 percent, to close at VND8,800. The company said it will pay a dividend of VND800 per share on December 31, according to a company’s statement on the exchange’s website last week.

The smaller exchange in Hanoi was also gloomy with the HaSTC-Index sliding 3.43 points, or 3.31 percent, to close at 100.11.

Reported by Thieu Gia

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