Shares fall on continuing bank scandal
Shares fall on continuing bank scandal
Share value plunged during this September 20 morning's session, following another resignation by a top banking official.
Eximbank's (EIB) vice chairman Pham Trung Cang was reported to have handed in his resignation yesterday.
According to the bank's chairman Le Hung Dung, Cang was involved in alleged crimes during his time as vice chairman of Asia Commercial Bank (ACB), where three other officials have also resigned.
The resignation shows that the fallout from financial fraud by ACB's co-founder Nguyen Duc Kien is continuing. Kien was arrested by the police several weeks ago.
EIB and ACB closed this morning off 3.6 and 0.6 per cent, respectively.
On the HCM City Stock Exchange, the VN-Index retreated 1.84 per cent to 387.28 points.
Only about 10 per cent of the listed stocks managed to rally.
The value of trades rose to VND503.64 billion (US$23.9 million) with over 34 million shares changing hands.
Among blue chips tracked by the VN30, insurer Bao Viet (BVH) continued to hit the daily increase limit to reach VND33,000 ($1.5) per share. Only one other stock posted gains - software giant FPT (FPT) advancing by 0.5 per cent.
The VN30, dropped more than 2 per cent to 447.26 points.
On the Ha Noi Stock Exchange, the HNX-Index fell 2.27 per cent, fetching 54.80 points.
Decliners overwhelmed advancers by 159-31.
Trading was sluggish, with only 16.3 million shares worth a total value of VND117.1 billion ($5.5 million) exchanged.
The HNX30, representing the bourse's top shares, lost 2.4 per cent to 102.53 points.
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