Bloomberg News

Vietnam Equity Movers: Dai Thien Loc, Minh Phu Seafood

February 15, 2012

Feb. 15 (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, declined 0.7 percent to 397.41.

Securities stocks: Agribank Securities Joint-Stock Co. (AGR VN), a unit of Vietnam’s biggest bank by assets, lost 3.8 percent to 5,100 dong. Sacombank Securities Joint-Stock Co. (SBS VN), fell 3 percent to 3,200 dong, the biggest loss since Jan. 9. Ho Chi Minh City Securities Corp. (HCM VN), dropped 2.1 percent to 14,200 dong.

Vietnam’s central bank will not ease restrictions on lending for stock investment, which is classified as one of the “discouraged sectors” for bank loans this year, the State Bank’s Deputy Governor Nguyen Dong Tien said yesterday.

The statement “has stamped out investors’ hope that the government may do something to boost the stock market,” said Ho Chi Minh City-based Ngo Huu Hung, deputy chief executive at Dai A Financial Investment Co. “It will worsen corporate earnings at securities companies,” he said.

Dai Thien Loc Corp. (DTL VN), a steel producer, slid 2.5 percent to 15,500 dong. The company posted a 1.8 billion-dong ($85,600) loss in the fourth quarter, according to a statement on the exchange’s website.

Minh Phu Seafood Joint-Stock Co. (MPC VN), Vietnam’s second-biggest listed seafood company, declined 2.3 percent to 16,900 dong, the lowest close since Jan. 6. The company’s fourth-quarter net income dropped to 556.6 million dong, from 20.3 billion dong a year earlier, according to company figures posted on the exchange’s website.

--With assistance from Diep Ngoc Pham in Hanoi. Editor: Matthew Oakley

To contact the Bloomberg News staff on this story: Nguyen Dieu Tu Uyen in Hanoi at uyen1@bloomberg.net

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


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