Titanium mining company debuts on Ha Noi bourse

VNStockNews.com - Sai Gon-Quy Nhon Mining Co (SQC) listed 100 million shares on the Ha Noi Stock Exchange yesterday, becoming the 248th code and the fifth mining company listed on the capital city’s bourse.

In the first day of trading, SQC shares closed unchanged at VND81,000 (US$4.40) on a volume of just 5,000 shares.

The company is a member of the Sai Gon Invest Group (SGI) and International Titanium Associates, founded in 2006, specialising in titanium ore exploitation and processing, and infrastructure development for titanium processing.

The first phase of the company’s titanium slag plant in Phu My District in the central province of Binh Dinh began operations in July with an annual capacity of 60,000 tonnes of titanium slag and 30,000 tonnes of cast iron.

"The company’s titanium products, used in automobile manufacturing, medical technology, and aviation, will create added value for investors and make further contributions to society and the scientific and technological development of Viet Nam," said SQC chairwoman Dang Thi Kim Phuong.

"The listing demonstrates the company’s determination in integration and development, striving to become the leading mining company in Viet Nam, especially titanium," she said.

SQC has a charter capital of VN1trillion ($54.05 million) and posted profits of VND49.8 billion ($2.7 million) in the first nine months of this year. It has plans to invest in a steel plant, as well as obtain the engineering, procurement and construction (EPC) contract for an additional titanium slag plant.

Ha Noi Stock Exchange general director Tran Quang Dung said the listing of a titanium-specialised mining company like SQC generated new high-quality shares for the market and gave investors a wider range of choices. >>Full Story...

Prudential, Military Bank join forces

VNStockNews.com - Prudential Viet Nam Life Insurance and Military Commercial Joint Stock Bank (MB) have inked a deal to launch "bancassurance."

In the first phase, the two partners will sell life insurance for mortgage loans and income/asset loans. Prudential will pay off the remainder of the loan, if the customers dies or is permanently disabled.

Next year, Prudential plans to send consultants to each MB branch to advise customers. >>Full Story...

Three new companies list on HCM City stock exchange

VNStockNews.com - The Vietnam Golf Tourism Joint Stock Co (VNG) and Vietnam Fumigation Joint Stock Co (VFG) listed on the HCM City Stock Exchange yesterday.

VNG, based in southern Ba Ria-Vung Tau Province, has a charter capital of VND130 billion (US$7 million) and had a reference price of VND20,000.

It owns two four-star hotels each in Da Lat resort city in the Central Highland and Can Tho City in the Mekong Delta and a two-star property in Da Lat, and is developing a residential project, the Vinagolf-Han Thuyen, in the highland town.

It is also joining hands with several other firms to build a four-star hotel in Tien Giang Province and a hotel-leased apartment complex in Vung Tau by early 2011.

The company reported a net profit of VND6.5 billion in the first 11 months, up from VND5.7 billion in the same period last year.

VFG has a charter capital of VND81.3 billion and its listing reference price was VND66,000.

This year it targeted a net profit of VND66 billion, up from 50 billion last year, but has already gone past that mark, achieving over VND71 billion by October end.

In further listings at the HoSE, Kinh Bac City Development Shareholding Corp (KBC) based in northern Bac Ninh Province comes aboard today with more than 190 million shares. The reference price has been set at VND65,000.

KBC plans to begin construction of a giant complex comprising a hotel and office and commercial buildings in Ha Noi’s My Dinh area next year at an estimated cost of $500 million.

It also plans to build the Kinh Bac Financial Tower at a cost of $100 million in Ha Noi and a 300ha urban area in HCM City.

It is set to issue 58 million bonus shares to existing shareholders as dividends for this year at the rate of three shares for every 10 held. It was earlier listed on the Ha Noi Stock Exchange. >>Full Story...

Foreigners Net Sellers Of VND179.8 Billion Of Shares Friday

VNStockNews.com - Foreign investors were net sellers of VND179.8 billion ($ 9.7 million) of Vietnamese stocks out of a total VND1.98 trillion traded Friday, the Ho Chi Minh Stock Exchange said.

Volume traded totaled 53.8 million shares, with foreigners accounting for 27.1% of that amount, the stock market operator said.

In the month to date, foreign investors have been net buyers of VND407 billion of Vietnamese stocks. >>Full Story...

Asian stock markets fall amid recovery doubts

VNStockNews.com - Asian stock markets retreated Friday as worries -- from weak job figures in the U.S. to the prospect of more stringent capital requirements for banks -- checked appetite for riskier assets.

Most markets, fatigued after a massive rally since March, were down about 1 percent or less while the dollar fell, giving back some of its recent gains against the yen and the euro.

Also helping to dampen sentiment was news that the Bank for International Settlements -- a global financial standards setter -- is pressing ahead with a 2012 implementation of more stringent capital requirements for banks that could force some to tap shareholders for cash.

Financial stocks, particularly in Japan, piled on big gains earlier in the week after reports the requirements would be delayed a decade or more.

"Trading has been anemic over the past two to three weeks. Globally too, stocks have struggled as the dollar has been inching up. Sovereign debt concerns have added to the pressure. The economic outlook remains murky though overall the worlds seems better placed," said brokerage India Infoline in a report.

Investors have been looking for signs that the nine-month advance in stock markets is justified by improvements in the economy. At the same time, as year-end approaches many investors are also eager to secure gains for 2009.

Developments in the U.S. on Thursday added to doubts about the strength of the recovery.

The government reported an unexpected rise in unemployment claims with the number of new jobless claims rose to 480,000 last week, up 7,000 from the previous week. On the corporate front, FedEx Corp. provided a cautious forecast for the quarter that ends in February after reporting its fiscal second-quarter earnings fell 30 percent.

Japan's Nikkei 225 stock average fell 21.75, or 0.2 percent, to 10,142.05 and Hong Kong's Hang Seng was off 162.13, or 0.8 percent, at 21,185.50. Australia's index dropped 0.4 percent and China's Shanghai market shed 1 percent.

Bucking the downdraft, South Korea's Kospi was up 0.1 percent at 1,648.96.

Elswhere, India's Sensex lost 0.2 percent and Singapore's market fell 0.8 percent.

In the U.S. on Thursday, stocks were pressured by the dollar rising, the weak job figures and the Federal Reserve indicating it would start undoing some of its emergency supports next year as economic recovery gathers pace. The Fed's signal added to the debate about how quickly it would begin to raise interest rates from ultra-low levels.

The Dow fell 132.86, or 1.3 percent, to 10,308.26. The broader Standard & Poor's 500 index fell 13.10, or 1.2 percent, to 1,096.08, and the Nasdaq composite index fell 26.89, or 1.2 percent, to 2,180.05.

Oil prices approached $73 a barrel in Asia on expectations OPEC will leave production unchanged at its meeting next week.

Benchmark crude for January delivery was up 16 cents to $72.81 in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract fell 1 cent to settle at $72.65

In currencies, the dollar fell to 89.70 yen from 89.96 yen. The euro rose to $1.4375 from $1.4337. (AP) >>Full Story...

OCB licensed to sell 15pct stake to BNP Paribas

VNStockNews.com - On December 15, State Bank of Vietnam (SBV) released Official Letter 9865/NHNN-TTGSNHN approving Orient Commercial Bank (OCB) to sell its 15 percent stake to foreign partner BNP Paribas.

OCB is one of commercial joint stock banks, with a chartered capital of 1.474 trillion dong that will be raised to two trillion dong by 2009 end.

Today, OCB and IBM Vietnam also signed a partnership agreement. >>Full Story...