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Vietcombank run fails to lift Index

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1 Vietcombank run fails to lift Index on Mon May 23, 2011 8:29 pm

HA NOI — The run on Vietcombank shares failed to brighten overall trading on the HCM City Stock Exchange yesterday in the first session of the new week, with the VN-Index closing at 471.49, a decline of over 1.7 per cent. The volume of trades rose 40 per cent over last Friday's total to 25.4 million shares, worth just VND490.3 billion (US$23.3 million).

Vietcombank (VCB) became a phenomenon yesterday, with 246,090 buy orders at the opening. The rush to purchase was attributed to the bank's news that it would add 1.6 billion shares to its current listing.

"With the huge additional amount, the role of Vietcombank shares in the movements of the VN-Indexwill certainly increase," said Nguyen Trung Dung, a HCM City-based broker, noting that Vietcombank would account for 8.74 per cent of the VN-Index's calculation with the additional listing.

Yesterday's impact spread to other banking stocks within minutes, Dung said.

"However," he said, "other stocks had no supportive news to cause them to take off. The assistance to the VN-Index was weak."

At the close, VCB was up 5 per cent, VietinBank (CTG) 2.4 per cent and Eximbank (EIB) 0.7 per cent, while Sacombank (STB) closed down 0.8 per cent.

Losers outnumbered gainers overall by 4-1. Four listed companies which saw the heaviest losses of the day, including Da Nang Rubber Co (DRC), Vietnam Ocean Shipping Co (VOS), Petro Capital and Infrastructure Investment Co (PTL) and Ba Ria-Vung Tau House Development Co (HDC), saw their ex-dates pass for dividend payment.

The rest of the 10 leading shares by capitalisation fell, including shares of property developer Vincom (VIC) which plunged to their floor price of VND124,000 per share.

Saigon Securities Inc (SSI) was the most-active share in HCM City, with nearly 1.1 million traded. SSI closed up 2 per cent to VND19,800.

On the Ha Noi Stock Exchange, the HNX-Index finished yesterday's session down 1.24 per cent to 80.98 points. The value of trades reached only a meagre VND283.5 billion ($13.5 million) on a volume of 22.4 million shares. PetroVietnam Gas North Co (PVG) topped the market with 2.4 million shares traded. — VNS

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