HCMC – Saigon Telecommunication and Technologies Corporation, which trades its SGT shares on the Hochiminh Stock Exchange, has passed a plan to establish an electronics manufacturing company in Quang Ninh Province with charter capital of VND230 billion.

The Quang Yen electronics company, wholly owned by SGT, will be located in Hong Hai Ward in Halong City and will specialize in producing electronic components, the local media reported.

In late March, SGT set up a subsidiary in Quang Ninh with charter capital of VND350 billion. The company is active in the real estate sector.

As of September this year, Saigontel had run six subsidiaries and five affiliates operating in the property, machinery, solar energy and electronics fields.

After its establishment, Quang Yen electronics company will become Saigontel’s seventh subsidiary.

Closing the session today, December 26, SGT lost over 1.2%, extending its falling streak for a second straight session.

On the HCMC bourse, the weak performance of many large-cap stocks sent the VN-Index falling by 35.13 points, or 3.44%, from the session earlier, at 985.21. Losers far outnumbered gainers by 382 to 56.

Over 544 million shares worth VND9 trillion changed hands, up 14.6% in volume and 9.7% in value against the previous session.

In the VN30 basket, 29 stocks closed down. Real estate developers NVL and PDR, mobile phone retailer MWG, rubber group GVR, steelmaker HPG and lender TCB plunged to their floor prices. Steelmaker HPG took the lead on bourse by liquidity with 31.4 million shares changing hands.

Gas firm GAS bucked the downtrend as it gained 1.1% at the close.

With 40 advancers and 139 decliners, the HNX-Index of the Hanoi exchange slid 6.8 points, or 3.31%, from the session earlier, at 198.5, dragged by many bluechips.

Securities firm SHS was the most actively traded stock on bourse with a matching volume of 26.7 million shares, but finished the day down.