Vietnam’s Stocks: Vietcombank, Vietnam Mechanization, Hoang Long
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 for a sixth day straight, the longest losing streak since July 2009, falling 2.2 percent to 444.85.
Banking Stocks: Joint-Stock Commercial Bank for Foreign Trade of Vietnam (VCB VN), the country’s biggest listed bank, fell for the first day in four, losing 1.9 percent to 31,300 dong. Vietnam Joint-Stock Commercial Bank for Industry & Trade, or VietinBank, slid 3 percent to 28,800 dong.
The State Bank of Vietnam may cap commercial banks’ lending rates to lower borrowing costs, Thoi Bao Kinh Te newspaper reported, without saying where it got the information. The central bank may cap interest on commercial lenders’ loans as low as 17 percent, Thoi Bao said. Commercial lenders increased borrowing rates to between 20 percent and 23 percent, the central bank said in a weekly report on its website May 12.
Vietnam Mechanization Electrification & Construction Joint- Stock Co. (MCG VN), which provides construction services and makes machinery, fell 4.4 percent to a record low of 11,000 dong. The company will convert 300,000 bonds to 3 million shares on June 16, it said in a statement on the exchange’s website. The bonds were among the 1 million issued in 2009, it said.
Hoang Long Group (HLG) , whose businesses include property development, taxi transportation, shipping and natural resources exploration, advanced for a fifth consecutive day, adding 3.9 percent to 13,500 dong, the highest since Dec. 13, 2010. Hoang Long’s profit rose 24 percent to 20.4 billion dong ($982,000) in the first quarter, according to a statement on the bourse’s website.
Southern Rubber Industry Joint-Stock Co. (CSM VN), gained for the first day in four, climbing 3.2 percent to 16,000 dong. The rubber producer, known as Casumina, plans to pay a dividend of 2,000 dong a share on June 30.
--Nguyen Dieu Tu Uyen. Editor: Reinie Booysen
To contact the reporter on this story: Nguyen Dieu Tu Uyen in Hanoi at email@example.com
To contact the editor responsible for this story: Darren Boey at firstname.lastname@example.org