US stock markets dropped Wednesday, pulled down by financials despite some good earnings reports from tech stocks like IBM and Apple. Meanwhile the tech-rich Nasdaq dropped 40.49 points (1.46 per cent) to 2,725.36. Banks were a distinct drag on the market, with Bank of America losing 4.10 per cent, Citigroup down 1.04 per cent, and Goldman Sachs, which turned in a sharp fall in fourth-quarter profit, off 4.80 per cent. Goldman, the Wall Street investment banking powerhouse, reported a 52 per cent fall in fourth-quarter profit, which dragged full-year 2010 earnings down by 38 per cent from a year earlier. "The Goldman earnings were weak, it set the tone for the day," said Mace Blicksilver of Marblehead Asset Management. However, he added, "It was the first down day we've had in two months, you can't really make too much of it: whether it is a one-day wonder or whether it is the start of something meaningful." Among stocks in focus, Dow component gained 5.04 per cent after … [Read more...] about US stock markets fall under weight of financials
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US stock markets rose Tuesday, the first session of the week, despite a drag from falling Apple and Citigroup shares. Meanwhile the tech-rich Nasdaq added 10.55 points (0.38 per cent) at 2,765.85. Blue-chip stocks were "well-entrenched in the green in afternoon action, courtesy of strength in industrials and materials," and despite a poor showing in the tech sector and financials, said analysts at Charles Schwab. Apple shares slumped six percent in early trade a day after chief executive Steve Jobs announced he was taking another medical leave of absence. Shares later pared some of those losses, trading down 2.3 per cent at the close, but traders expressed angst about who might fill Jobs's shoes. Citigroup also saw sharp losses, as it reported fourth-quarter and full 2010 earnings which missed traders' expectations. Citigroup announced it had returned to profit in 2010, after a turbulent period for what was once the world's largest bank, but falling revenues and continued … [Read more...] about US stock markets beat Apple, Citi fears
More and more Vietnamese businesses want to be listed on the US stock exchange, but not all of them are qualified to join this “hard-to-please” market. Yet, the Vietnam Construction and Investment Joint Stock Company, Cavico, has become the first to venture in that arena. Although Cavico’s success is expected to pave the way for others to follow suit, barriers ranging from a huge difference between two economies to the strictness of American laws have remained as a tough challenge for any enterprises who want to join this arena. So, is it difficult or easy to be listed in the US stock echange? Mr Henry D.Fahman, CEO of Providentical Holdings, Inc – the US’s media group, who has made a great contribution to the success of Cavico, shared his experience: Could you talk about the benefits for businesses listed on the US stock exchange? With its enormous capital volume, the US market has good liquidity. In addition, being listed in the exchange is itself a … [Read more...] about How to be listed in US stock market?
The Vietnamese Ministry of Finance will work hard to improve theinvestment environment to raise the efficiency of projects and bringlong-term benefits to Japanese investors in Vietnam. Finance Minister Dinh Tien Dung made the commitment at a conferenceon promoting Japanese investment in Vietnam’s stock market, held inTokyo on April 25. Dung said the conference created a chance for Vietnamese agencies andbusinesses to learn from Japanese recommendations to finalise policiesand create a sound, healthy and transparent investment environment. Vietnam calls on Japanese investors to eye its stock market (Photo:VNA) Organising the conference shows Vietnam’s special commitment toJapanese investors, he told nearly 200 Japanese and Vietnameseenterprises and investors at the event. With many Vietnamese businesses attending the event, the VietnameseMinistry of Finance wants to help them to meet potential … [Read more...] about Vietnam seeks Japanese investment in stock market
Both the Hanoi and HCMC bourses witnessed exciting trading sessions last week with the VN Index of the HCMC Stock Exchange climbing to 722.14 points at the closing session, while the HNX Index of the Hanoi Stock Exchange rose to 91.37 points.The increasingly high trading volume in recent trading sessions has attracted investors. The total transaction value of both the Hanoi and HCMC trading floors was VND5.244 trillion, an increase of 50 percent compared with the same time last year. Reports by securities companies show that in the first three months of the year, the average trading value of the two bourses was VND4.5 trillion in each session.While other investment channels were quiet, the stock market is bustling. Phan Dung Khanh, consultancy director of Maybank Kim Eng Securities, commented that the amount of money and liquidity in the stock market last week was the highest in history. Two weeks before that, the volume of shares put into transactions for the first time in history … [Read more...] about Securities investors pour more money into stock market