Bloomberg News

Vietnam’s Stocks Fall Most in Asia as Bourbon Tay Ninh Slides

November 02, 2012

Vietnam’s stocks declined, dragging the benchmark index down the most in Asia, as Bourbon Tay Ninh slumped after a former chairwoman resigned from the board.

Bourbon Tay Ninh Joint-Stock Co., the nation’s biggest publicly traded sugar company, slumped the most in more than six weeks after Huynh Bich Ngoc resigned yesterday, according to a statement to the exchange. Saigon Thuong Tin Commercial Joint- Stock Bank, known as Sacombank, sank to the lowest level in more than eight months, even as the company’s chief executive officer said business was proceeding as “normal.”

The VN Index (VNINDEX) fell 2.6 percent to 377.77 at the break in Ho Chi Minh City. The decline was the biggest since Aug. 27. The gauge has fallen 23 percent from its peak this year on May 8 as slowing economic growth hurt corporate earnings and arrests of banking officials fueled concerns about further instability in the nation’s financial system.

Bourbon Tay Ninh fell 4.5 percent to 16,900 dong, poised for the steepest slide since Sept. 18. Ngoc resigned because she’s too busy to attend regular board meetings, General Director Nguyen Ba Chu said by phone today. Ngoc stepped down as chairwoman of Bourbon Tay Ninh in April when Dang Huynh Uc My, her daughter, took over, Chu said.

Sacombank dropped 2.6 percent to 18,800 dong, headed for the lowest close since Feb. 23. CEO Phan Huy Khang said bank operations are “normal” when contacted on his mobile phone today. Chairman Dang Van Thanh declined to comment when reached on his cell phone. Thanh confirmed he is in Ho Chi Minh City.

Saigon Thuong Tin Real Estate Joint-Stock Co., or Sacomreal, slumped 5.6 percent to 5,100 dong, on the Hanoi Stock Exchange, headed for an eight-month low. Chairman Dang Hong Anh sold 21.45 million shares in the company, according to a statement yesterday on the stock exchange’s website.

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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