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The ups and downs on Vietnam’s stock market in 2010   2010-12-22 - Cafef

2010 is a year with full ups and downs of the stock market and unprecedented facts. Especially, the prices of some shares are believed to be controlled by some powerful investors, according to CafeF.

 

The suspected cases of controlling stock prices

 

In 2010, the terms “driving prices” and “driving power” became very popular among securities investors. The prices of the shares , which once witnessed abnormal price increases, such as AAA, DHT, MKV, HTV, VTV, LTC, have been suspected of being manipulated?.

 

One of the events which caught special attention from the public was when the price of AAA shares suddenly increased from 4X to 9X and then plunged to 3X. Doubts were raised that some securities investors purchased AAA with borrowed capital at the sky high prices and then withdrewonce the prices plummeted.

 

A noteworthy thing was that on September 28, nearly 50 percent of AAA shares in circulation, about 5 million shares, were put on sale within one trade session.

 

Dragon Capital’s funds faced the risk of fund liquidation

 

Dragon Capital, an investment fund management company, is the foreign institution which catches the biggest attention from the public in 2010.

 

In mid 2010, the two funds managed by Dragon Capital, namely Vietnam Enterprise Investment Limited (VEIL) and Vietnam Growth Fund (VGF) faced the risk of liquidation, because the market prices fell to the levels much lower than the net asset values. However, the shareholders of the two funds finally decided to maintain their investment.

 

A big affair of Dragon Capital in 2010 is the transfer of the right to explore Nui Phao mine to Masan Group.

 

Vinaconex’s pre-tax profit in 2009 dropped by 429 billion dong after auditing

 

The figures of the enterprises’ turnover and profit before and after auditing are quite different.

 

Especially, Vinaconex, in its financial report, declared the pretax profit of 620 billion dong. However, auditors have pointed out that the corporation’s actual profit was 191 billion dong only, or 429 billion dong lower than previously reported.

 

Other noteworthy cases include IFS (the company reported the profit of 379 million dong, but auditing result pointed out that it suffered a loss of 27.73 billion dong). Meanwhile, the post tax profit of HVG after auditing fell by 68 billion dong to 295 billion dong.

 

Managers put in temporary detention

 

On November 26, the police arrested Le Van Dung, Chair and General Director of Vien Dong Pharmacy Corporation on the suspicion of controlling share prices. Some other high ranking managers of the corporation have also been put under temporary detention to serve the investigation.

 

A source from the State Securities Council said that Dung has been accused of creating virtual turnover and swaying the prices of DVD and DHT shares.

 

Because of this, the corporation’s plan to sell shares to existing shareholders has been suspended.

 

Many listed companies report continued losses

 

With continued losses, a lot of enterprises may have to cancel their listing in 2010.

 

TRI, for example, had incurred the cumulative loss of 212 billion dong by the end of the third quarter of the year.

 

Meanwhile, VTA has incurred losses for the last consecutive quarters, and SHC for seven consecutive quarters.


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