Bloomberg News

Vietnam Stock Movers: HAGL, Saovang Rubber, Southern Rubber

December 09, 2011

Dec. 9 (Bloomberg) -- 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, fell 1.2 percent to 377.16, the lowest since May 2009.

HAGL Joint-Stock Co. (HAG VN), Vietnam’s second-biggest listed real-estate company by market value, fell 3.5 percent to 22,000 dong, the lowest since Nov. 15. Standard & Poor’s Ratings Services lowered its long-term corporate credit rating on the company to “B-” from “B.”

“The rating downgrade reflects our view that HAGL’s operating performance and liquidity are likely to remain weak in the next six to 12 months,” S&P wrote in a report yesterday.

Rubber Stocks: Saovang Rubber Joint-Stock Co. (SRC VN), dropped 3.8 percent to 7,700 dong, a record low. Southern Rubber Industry Joint-Stock Co. (CSM VN) fell 3.3 percent to 8,900 dong. Hoa Binh Rubber Joint-Stock Co. (HRC) decreased 1.9 percent to 52,000 dong, the lowest since Oct. 21.

Rubber futures declined on the Tokyo Commodity Exchange, paring a weekly advance, after the European Central Bank damped speculation it would step up debt purchases, deepening concerns that the crisis may worsen and a global recovery may stall.

--Diep Ngoc Pham. Editor: Matthew Oakley

To contact Bloomberg News staff for this story: Diep Ngoc Pham in Hanoi at dpham5@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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