Shares of the following companies had unusual moves in Vietnam trading. Stock symbols are in parentheses and prices are as of the 11 a.m. local-time close.
The VN Index, the benchmark measure of the Ho Chi Minh City Stock Exchange, dropped 1.2 percent to 401.28.
Huu Lien Asia Corp. (HLA VN), which manufactures steel and stainless-steel pipe, slid 4.4 percent to 6,600 dong. The company posted a loss of 22.7 billion dong ($1.1 million) in the second quarter, according to a statement on the bourse’s website. It didn’t give a reason for the loss.
Everpia Vietnam Join-Stock (EVE VN), a trader of fabric, garments and accessories, slumped 4.8 percent to 29,600 dong, the lowest since Aug. 3. The Hanoi-based company will issue 7.66 million additional shares and list them on the exchange on Aug. 29, according to the bourse’s website.
Vietnam Joint-Stock Commercial Bank for Industry & Trade (CTG VN), the country’s second-largest listed bank by market value, declined 1.2 percent to 25,800 dong. VietinBank, as the company is known, is seeking government approval to sell $500 million of bonds overseas, less than its initial plan of $1 billion, according to Deputy General Director Le Duc Tho.
“Five hundred million is still not easy given the current financial situation in the international market and the current credit rating at Vietnamese banks,” said Alan Pham, Ho Chi Minh City-based chief economist at VinaCapital Investment Management Ltd. “The Vietnamese banking sector is not healthy.”