VN-Index slumps over bad news

Lending interest rates raised to 17.6 per cent per annum at some commercial banks this morning.

Foreign creditors disapproved of Vinashin’s proposal to delay the payment of its debts.

The gauge of of 270 companies and five mutual funds listed on the Ho Chi Minh Stock Exchange gave up 1.72 per cent, or 7.93 points, to close at 452.83 points.

Of the index, only 20 stocks gained, 234 dropped, while 21 treaded water.

Trading volume reached 72.5 million shares worth VND1.6 trillion, a decrease of 14.73 per cent in volume and nearly 19 per cent in value.

Saigon Securities Inc. (SSI), the country’s largest brokerage, was the most active share in volume with 5.36 million shares changing hands.

It was followed by Investment and Trading of Real Estate Joint stock Company (ITC) with 3.01 million shares traded.

Viet - Han Corporation (VHG) tagged along with 2.81 million shares changing hands.

Binh Duong Construction and Civil Engineering Joint Stock Company (BCE) nose-doved 21.3 per cent. The company will issue 10 million additional shares, of which 9.4 million shares will be sold to its current shareholders at a ratio of 100:47, 300,000 shares to its employees, and the rest to strategy investors at a price of VND10,000 per share.

Other losers on the city bourse included Southern Rubber Industry Joint Stock Company (CSM), Ha Tien 1 Cement Joint Stock Company (HT1), and Long Giang Investment and Urban Development Joint Stock Company (LGL).

Becamex Infrastructure Development Joint Stock Company (IJC) revived 4.94 per cent to VND17,000.

TMT Automobile Joint Stock Company (TMT) advanced for five straight days, adding up 4.76 percent to VND17,600.

Sugar producer Société De Bourbon Tay Ninh (SBT) also surged the fifth day, closing up 4.58 percent to VND13,700.

Meanwhile, the Hanoi’s HNX-Index contracted 3.23 per cent, or 3.69 points, to close at 110.5 points. Around 66.7 million shares changed hands at VND1.3 trillion.

The UPCom-Index adjusted by 0.84 points to 39.83 points this morning. A total of 200,000 shares changed hands at a value of VND2.4 billion as of 11:10 am local time.