Shares fall on continuing bank scandal
Share value plunged during September 20’s session, following another resignation by a top banking official.
Share value plunged during September 20’s session, following another resignation by a top banking official.
Eximbank's (EIB) vice chairman Pham Trung Cang was reported to have handed in his resignation on Sept. 19.
According to the bank's chairman Le Hung Dung, Cang resigned after being linked to the scandal at Asia Commercial Bank (ACB), where three other officials have also resigned.
The resignation shows that the fallout from financial fraud by ACB's co-founder Nguyen Duc Kien is continuing. Kien was arrested several weeks ago.
EIB and ACB closed the day off 3.6 and 3.1 percent, respectively.
On the HCM Stock Exchange, the VN-Index retreated 1.34 percent to 389.28 points.
Only about 15 percent of the listed stocks managed to rally.
The value of trades rose to 967.86 billion VND (46 million USD) with over 58 million shares changing hands.
Among blue chips tracked by the VN30, insurer Bao Viet (BVH) continued to hit the daily increase limit to reach 33,000 VND (1.5 USD) per share. Three other stocks also posted gains – steel producer Hoa Sen (HSG), Kinh Do confectionary maker (KDC) and food processor Bourbon Tay Ninh (SBT).
The VN30 dropped 1.6 percent to 449.66 points.
Foreign transactions focused on bank stocks during the day. They mostly bought shares in Sacombank (STB) and Vietcombank (VCB).
On the Hanoi Stock Exchange, the HNX-Index fell 1.16 percent, fetching 55.42 points.
Decliners overwhelmed advancers by 147-49.
Trading was sluggish, with only 25.1 million shares worth a total value of 183.7 billion VND (8.7 million USD) exchanged.-VNA
Eximbank's (EIB) vice chairman Pham Trung Cang was reported to have handed in his resignation on Sept. 19.
According to the bank's chairman Le Hung Dung, Cang resigned after being linked to the scandal at Asia Commercial Bank (ACB), where three other officials have also resigned.
The resignation shows that the fallout from financial fraud by ACB's co-founder Nguyen Duc Kien is continuing. Kien was arrested several weeks ago.
EIB and ACB closed the day off 3.6 and 3.1 percent, respectively.
On the HCM Stock Exchange, the VN-Index retreated 1.34 percent to 389.28 points.
Only about 15 percent of the listed stocks managed to rally.
The value of trades rose to 967.86 billion VND (46 million USD) with over 58 million shares changing hands.
Among blue chips tracked by the VN30, insurer Bao Viet (BVH) continued to hit the daily increase limit to reach 33,000 VND (1.5 USD) per share. Three other stocks also posted gains – steel producer Hoa Sen (HSG), Kinh Do confectionary maker (KDC) and food processor Bourbon Tay Ninh (SBT).
The VN30 dropped 1.6 percent to 449.66 points.
Foreign transactions focused on bank stocks during the day. They mostly bought shares in Sacombank (STB) and Vietcombank (VCB).
On the Hanoi Stock Exchange, the HNX-Index fell 1.16 percent, fetching 55.42 points.
Decliners overwhelmed advancers by 147-49.
Trading was sluggish, with only 25.1 million shares worth a total value of 183.7 billion VND (8.7 million USD) exchanged.-VNA
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