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Stock market plummets amid petroleum price hike   2008-07-22 - ThanhNienNews

Ho Chi Minh City’s stock market plunged over investors’ worries about potential repercussions caused by the increase of local petroleum prices.

 

 

The benchmark VN-Index, the gauge of 153 listed companies and four closed-end funds on the Ho Chi Minh Stock Exchange, closed at 470.82 Monday, dropping 12.23 points, or 2.53 percent.

The petroleum price hike has a great impact on the local stock market, Pham Duc Thang, general director of Sao Viet Security Company, told Thanh Nien Daily.

“[The price increase] means firms may face greater difficulties and the inflation rate may become higher.”

The market’s decrease corresponds with the law of supply and demand, in the aftermath of a series of rising sessions, Thang noted.

Vietnam, amid rising world oil prices, Monday raised retail petroleum prices by 31 percent, the biggest-ever price hike.

Only one stock moved up Monday, while seven remained unchanged and 149 dropped.

Before decreasing for the second time in four days, the city’s stock exchange had risen to 489.83 points from 436.71 points over eight straight days from July 8 to July 17.

Trading volume decreased, with more than 14 million shares worth VND661 billion (US$39.8 million) exchanging hands.

However, foreign investors placed bulk buying orders, with more than 8.5 million shares worth VND438.86 billion ($26.4 million) purchased, accounting for 60.05 percent of the total volume.

With seven million shares traded, shares of the country’s leading brokerage Saigon Securities Inc. ranked top among those bought by investors.

Its share prices gained VND1,400 ($0.88) to reach VND49,000 ($2.91).

Explaining the brokerage’s performance, Thang said some foreign investors with long-term investment strategy and large capital resources think it is prudent to buy stocks, while others sold heavily due to lack of investment experience and updated information.

With the current situation, it would be difficult for the VN-Index to reach 500 points this week, Thang said, forecasting that the market may break the threshold in September at the earliest.

At the Hanoi Securities Trading Center, the HaSTC-Index decreased 1.4 points, or 0.94 percent, to close at 148.28 Monday.

STOCK BRIEFS

Plastic maker to list additional shares

Binh Minh Plastics Joint Stock Company has been approved to issue 2,808,116 additional shares on the Ho Chi Minh Stock Exchange (HOSE), according to the exchange’s website.

Shipping and forwarding firm’s exec halves stake

Shipping and forwarding company Gemadept Corp. announced supervisory board member Luu Tuong Giai registered to sell 50,000 of 95,565 shares tomorrow.

Official of drug supplier sells holding

Domesco Medical Import Export Joint Stock Corporation said on the exchange’s website that head of the supervisory board Nguyen Huu Hong had sold 20,270 shares to reduce his stake to 0.34 percent from 0.49 percent.

US-based investment firm ups stake in maritime company

US-based Kamm Investment Holdings Inc. raised its stake in Saigon Maritime Joint Stock Company to 6.16 percent from 5 percent by buying 34,750 shares, the Ho Chi Minh Stock Exchange said on its website Monday.





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