The Ho Chi Minh City Securities Exchange yesterday dropped 12.4 points to 1158.27, while the Hanoi Index dropped by 7.8 points to close at 446.95.

On Tuesday, the HCMC Index saw trade volumes of 12.4 million shares and a turnover of VND1.2 trillion (US$75 million) – the same value as in the previous session, showing demand remains strong.

The bourse closed with 49 gainers and 47 losers, including some of the heavyweight stocks.

The country’s first listed bank, Sacombank had its shares continue their top rank, with a total trading volume of one million shares worth VND155 billion.

Some among the hottest blue chips like VNM (Vinamilk Corp.) and SJS (Hanoi-based Song Da Infrastructure Investment Development Co) suffered slight losses from VND8,000 – VND10,000 to close at VND190,000 and VND380,000 per share respectively.

Foreign investors were net sellers yesterday with a trading volume of 1.8 million shares worth of VND234 billion.

The Hanoi market yesterday also tumbled by 7.8 points to 446.95.

More ACB shares

Vietnam’s second largest joint stock bank, ACB, is set to issue 153 million shares this year to mobilize VND1.53 trillion.

The share issue targeted to scale up the bank’s chartered capital to VND2.63 trillion ($164.4 million) from the current VND1.1 trillion.

The shares, with a face value of VND10,000 each, will be released in three phases.

The first phase will see 33 million shares being issued to add VND330 billion to ACB’s chartered capital this month.

Shareholders will be given three bonus shares for every 10 they buy.

In the second phase next month, 110 million more shares are to be issued to increase the bank’s capital by VND1.1 trillion.

The two phases of these shares will come from convertible bonds to be converted into 100 shares worth VND10,000 each.

The third phase, which has yet to be decided, is expected to raise an extra VND100 billion to the bank’s capital by the end of the year.

The share issue aims to ensure the bank’s capital adequacy ratio while the extra fund will feed ACB’s affiliates performance including ACB Securities Company, the Financial Leasing Company and the Fund Management Company.

The later two companies will be established this year.

Foreign investors hold a combined 30 percent in ACB.

Standard Chartered Plc. owns 8.56 percent of ACB, the biggest stake of ACB's four foreign shareholders.

The World Bank's IFC and Connaught Investors Ltd. of the Jardine Matheson Group each have 7.3 percent, while Dragon Financial Holdings Ltd. Co. owns 6.84 percent.

Source: Thanhnien