Vietnam stocks tumble on US gloom

The Ho Chi Minh Stock Exchange extended its losing run on Tuesday as investors fretted over Wall Street’s drop last night.

The VN-Index lost 8.83 points, or 2.96 percent, to close at 288.69.

Volume was slightly up at 7.7 million shares worth 188 billion ($10.7 million). There were only 16 advancers to 134 decliners.

In the US, the Dow Jones and S&P 500 indexes ended lower on Monday as uncertainty about the Obama administration's plan to stem bank losses hit financial shares and a bleak outlook by Macy's fueled worries the US recession is worsening, according to Reuters.
The Dow Jones industrial average shed 64.11 points, or 0.80 percent, to end at 7,936.75 -- its lowest closing level in 2009. The Standard & Poor's 500 Index dipped 0.45 points, or 0.05 percent, to 825.43.

Seafood Joint Stock Company No.1 (SJ1) lost VND500, or 3.85 percent, to close at VND12,500. Nguyen Quang Phuoc Son, husband of chief accountant Hoang Thi Minh Hoa, sold his entire holding of 30,000 shares last month, according to the exchange.

Thien Nam Trading Import Export Corporation (TNA) fell VND900, or 4.97 percent, to VND17,200. The agricultural produce exporter said it would pay a cash dividend of VND500 a share. The stock becomes ex-dividend on February 12.

Refrigeration Electrical Engineering Joint-Stock Co. (REE) gave up VND800, or 3.81 percent, to close at VND20,200. The HCMC-based company reported a loss of VND139.3 billion ($8 million) last year, according to a filing it made with to the exchange.

Bourbon Tay Ninh Sugar Joint-Stock Co. (SBT) slid VND200, or 2.82 percent, to close at VND6,900. The company lost VND34.4 billion in the fourth quarter last year after costs, including raw materials, increased.

Savimex Corporation (SAV) gained VND300, or 2.13 percent, to close at VND14,400. The furniture manufacturer said Vietnam Property Holding raised its stake from 17.16 percent to 18.34 percent by buying 117,510 shares.

The Hanoi Securities Trading Center also posted a sharp fall, with the HaSTC-Index losing 4.14 points, or 4.2 percent, to close at 94.5, its all-time low.

Reported by Thieu Gia

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