HCMC – Dang Thanh Tam, chairman of Kinh Bac City Development Holding Corporation, whose KBC shares are traded on the Hochiminh Stock Exchange, has registered to buy 50 million KBC shares to raise his stake in the firm.

The transaction will be conducted from November 15 to December 14. Tam will spend some VND750 billion acquiring the registered volume of shares.

After the share purchase, Tam would raise his ownership in the real estate developer to 21.32%, or 163.6 million shares.

His move came as KBC has plunged to the lowest price in two years.

Closing the session today, November 10, KBC lost 1.76% at VND13,950, extending its falling streak for a sixth straight session.

The HCMC bourse closed the session on a downbeat note, with 21 gainers and 447 losers. The VN-Index dipped 3.89%, or 38.35 points, from the session earlier, at 947.24. Over 698 million shares worth VND10.8 trillion changed hands, up 20% in volume and 5% in value against the previous session.

In the VN30 basket, 11 stocks tumbled to their floor prices, hitting the main index.

Steelmaker HPG closed at its floor price, but took the lead by liquidity on bourse with a matching volume of over 79 million shares.

The poor performance of many large-cap stocks dragged the HNX-Index of the Hanoi bourse down 4.47% from the previous session at 192.39, with 20 advancers and 169 decliners.

Securities firms MBS and SHS and property company CEO ended at their floor prices. SHS was the most actively traded stock, with 12.6 million shares changing hands.