Market Jittery over International Financial Crises

The Ho Chi Minh Stock Exchange tumbled yesterday as investors reacted nervously to the crisis in international markets.

For illustration purposes only

The VN-Index, the gauge of 158 leading companies and four closed-end funds listed on the Ho Chi Minh Stock Exchange, dropped 18.71 points, or 4 percent, to close at 437.24. Among the index’s members, 145 declined and 12 advanced.

“Investors sold heavily to bail out of the marketplace as they were concerned about the collapse of the U.S. investment banking firms,” said one trader at HCMC.

VTC Telecommunication Joint-Stock Co. (VTC) fell VND700, or 4.6 percent, to close at VND14,400, the lowest since August 14. The HCMC-based company will start listing more than 1.4 million new shares on September 19, according to a statement filed on the stock exchange's bulletin today.

Pha Lai Thermal Power Joint-Stock Co., (PPC) dropped VND1,000, or 3.4 percent, to finish at VND28,100. PetroVietnam Finance Co. today started selling 200,000 shares to reduce its holding in the company to 7,327,625 shares, according to a statement filed on the exchange's website late yesterday.

Thanh Cong Textile & Garment Joint-Stock Co., (TCM) closed lower by VND700, or 4.6 percent, at VND14,400, the lowest since August 25. The Thanh Cong Securities Joint-Stock Co. reduced its holding in the textile company to 6.07 percent from 7.5 percent by selling 295,000 shares, the exchange announced in its bulletin today.

DIC Investment and Trading Joint-Stock Co., (DIC) declined VND1,000, or 4.8 percent, to end the trading day at VND19,800. Nguyen Thu Ha, a member of the management board, cut her holding to 102,500 shares from 122,500 shares, the exchange said in a statement on its website yesterday after the market closed.

Dong Nai Paint Joint-Stock Co.,(SDN) lost VND1,300 dong, or 4.9 percent, to close at VND25,400. The company received approval from the Ho Chi Minh City Stock Exchange to list an additional 209,641 shares, according to a statement posted on the exchange's website yesterday.

Reported by Thieu Gia

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