23 Dec, 2010
Source: blogs.wsj.com
Shares on the Vietnam stock market end down 1.3% at 475.41 Thursday on concerns state-run Vinashin’s potential debt default will hurt local companies’ credit worthiness.
- Bloomberg
- Traders in Hong Kong
“Vinashin’s $60 million debt was overdue earlier this week, but so far the government has failed to announce how they would deal with the debt problem,” says a brokearge trader. He adds that foreign investors won’t look at it favorably, and it’s going to be very difficult for local companies to borrow from foreign funds.
Volume in the market is moderate with 57.2 million shares valued at 1.42 trillion dong exchanging hands. Among most actively traded shares, Saigon Securities fell 1.3% at 30,700 dong, Itaco ends down 1.2% to 16,100 dong and Sacombank ends down 2.5% at 15,600 dong.
Elsewhere in Asia, traders were in agreement that the holidays are upon us:
Hong Kong: Market volume shrinks to HK$23.02 billion; the full-day’s volume may not surpass the HK$50 billion mark, which would be the lowest in about 4 months, “reflecting the growing holiday mood,” says Haitong Securities.
India: “Most plant maintenance shutdowns are in December and hence volumes are low, also because buyers tend to postpone purchases until the next year,” says Vaishali Jajoo, analyst at Angel Broking.
Singapore: ”We expect the STI to trade within a narrow band of between 3120 and 3200 leading up to the year-end holiday season, when volume is seasonally lower.
-Phammuoi Nguyen, Sudeep Jain, Robert Li, Frankie Ho
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