Stocks tumble as investors worry over news

The VN Index, a measure of 187 companies and four mutual funds listed on the Ho Chi Minh Stock Exchange, fell 3.65 percent December 9 to the lowest since August 3.

The benchmark lost 17.84 points to finish at 470.63 as investors worried over a dearth of news.

On the index, eight advanced, 174 fell and nine were unchanged with most blue-chips dumped. Yet trading improved 37 percent in volume and 28 percent in value over Tuesday as more than 46 million shares worth VND1.8 trillion (US$98.4 million) changed hands.

Saigon Commercial Bank or Sacombank (STB) which gave up 4.58 percent to VND22,900 was the most active stock in volume with more than 4.34 million shares traded.

Next were Vietnam Export Import Bank or Eximbank (EIB) which had more than 3.14 million shares traded at 3.78 percent down from Tuesday or VND22,900, and Saigon Securities Inc. which had 2.27 million shares traded at VND73,500. Vietnam’s largest brokerage closed down 3.92 percent.

Vincom Joint Stock Co. (VIC), Vietnam’s biggest listed property company, fell 1.9 percent to VND103,000, the lowest since November 13. The company plans to sell an extra 160.37 million shares in the first quarter next year to raise its registered capital to VND3.6 trillion from VND1.99 trillion, it said in a statement filed on the exchange’s website.

Hoa Sen Group (HSG), which manufactures steel and plastic building products, dropped 4.8 percent to VND43,300. Ban Viet Securities Investment Fund plans to cut its entire stake in the company, according to a statement filed on the website. The fund will start selling 50,000 shares from December 10.

Overseas investors bought a net VND46 billion ($2.5 million) of stocks on the exchange Tuesday, increasing net investment so far this year to VND1.9 trillion, the exchange said on its website. In the whole of last year, investors bought VND5.8 trillion of shares.

The northern market also stayed in the red as the HNX-Index tumbled 4.81 percent, or 7.48 points, to 147.91. More than 18.7 million shares were traded at VND530 billion.

The UP-CoM Index dropped 1.86 percent to 57.57. A total of 50,247 shares worth VND762.25 million were traded.

In the US, stocks fell Tuesday as investors sought safety after concerns about spiraling debt loads and disappointing corporate reports tarnished hopes for an economic recovery. Traders turned away from stocks and put money into safe-haven assets like the dollar and Treasurys.

The Dow Jones industrial average fell 1 percent, to 10,285.97. The Standard & Poor’s 500 index fell 1 percent to 1,091.94 and the Nasdaq composite index fell 0.8 percent to 2,172.99.

By Phong Linh

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