Shares keep falling nationwide

Saturday, Oct 25, 2014 12:00

Investors follow transactions at VP Bank Securities Company. — VNS Photo Truong Vi

HA NOI (Biz Hub) — Shares at the Vietnamese stock markets continued to fall during the last session of the week amid lower liquidity.

At the HCM City Stock Exchange, the VN-Index lost by 0.34 per cent to end at 591.51 points. Trading value fell by 40.8 per cent compared with Thursday, reaching VND1.6 trillion (US$75.4 million).

Among the 30 biggest blue chips on the exchange, only five posted price increases, including Casumina rubber producer, Military Bank, PetroVietnam Transportation and the Becamex and Vingroup real estate companies.

Meanwhile, a total of 15 blue chips retreated, pulling the VN30 Index down by 0.21 per cent to 629.52 points.

Ocean Group (OGC), which plunged to the floor price last Thursday following an unofficial information leak, still closed yesterday's session in the red as rumour became news.

The State Bank of Viet Nam yesterday said it uncovered several serious legal breaches allegedly done by Ha Van Tham, dismissed chairman of Ocean Bank, OGC's biggest arm. However, the SBV declined to provide details. Last Thursday, Ocean Bank appointed Nguyen Minh Thu as replacement for the dismissed Tham.

OGC lost by 2.7 per cent, reaching VND10,900 per share with 7.5 million shares changing hands.

At the Ha Noi Stock Exchange, the HNX-Index dropped by 0.3 per cent to 87.50 points with a total market turnover of VND803.6 billion ($37.9 million). The HNX30 Index, which tracks the top 30 large-cap stocks, also slid by 0.47 per cent to 173.39 points.

According to the archived analyses of securities companies, prospects remain bleak. Indices might increase in the next few days but this will be insubstantial, and a continuing decline in share prices is the common prediction in the next one to three months. — VNS

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