Business

Stocks fall as investors cut losses

Sleepy trades drove down indices for a fourth day on Nov. 15 and caused the HNX-Index to drop below its initial level of 100 points for the first time since 2008.
Sleepy trades drove down indices for a fourth day on Nov. 15 and causedthe HNX-Index to drop below its initial level of 100 points for thefirst time since 2008.

The HNX-Index closed on the session at 98.48 points, a decline of nearly 3.1 percent.

Thevalue of trades on the Hanoi Stock Exchange totalled just 390 billionVND (18.6 million USD), on a volume of only 23.2 million shares. Withshares in the Song Da, PetroVietnam and Vinaconex groups dropping mostsharply, 249 out of 314 listed stocks all posted declines on the day.

Onthe HCM Stock Exchange, meanwhile, the VN-Index closed down by over 1.8percent to 433.54 points. Trading continued in the doldrums with only29.4 million shares changing hands, down 33 percent from Nov. 12. Thevalue of trades also dropped to only 636.5 billion VND (30.3 millionUSD).

The HCM City market on Nov. 15 saw a new listing, byconstruction and equipment installation company LILAMA 18 (LM8), whichopened trading at a reference price of 19,000 VND (0.95 USD) per sharebefore declining to 17,000 VND at the close.

With charter capitalof 80.5 billion VND ( 3.8 million USD), LM8 has targeted earnings thisyear of 574 billion VND and a net profit of 17.5 billion VND. Figuresfor the first nine months showed the company at earnings of 369 billionVND and a net profit of over 16 billion VND – a figure comparable to theentire year of 2009. LM8 expects to pay a 12-per-cent dividend on thisyear's profits./.
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