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Stocks Roundup: Vimpelcom falls 8pc as markets struggle

Stocks Roundup: Vimpelcom falls 8pc as markets struggle


VIMPELCOM led widespread losses on world markets last week after events in Dubai, as the operator of mobile-phone brand Beeline lost 8.29 percent on the New York Stock Exchange despite announcing mostly positive third-quarter results.

Many markets struggled to overcome the news Wednesday that Dubai World would default on repaying debts worth US$3.5 billion.

Moscow-based Vimpelcom said Tuesday that its combined revenues for Cambodia and Vietnam more than doubled to $2.57 million in the July-to-September quarter on the previous three months, while overall a strong rouble saw net income climb more than 100 percent to $468 million year on year. But worse-than-expected results and a 10 percent fall in average user spend in main market Russia saw the stock fall to $19.14.

China Asean Resources Co Ltd continued to slide in Hong Kong, falling a further 5 percent over the past five days’ trading to HK$0.15 (US$0.019) as it continued to suffer on the news earlier this month that its Kratie logging concession had all but ceased operations this year, and an investment in China recorded reduced revenues.

OZ Minerals, the Australia-based miner with concessions in the Kingdom, plummeted 7.09 percent last week to finish at A$1.18 (US$1.07) Friday trading on the Australian Stock Exchange, while Chevron saw a modest 0.3 percent gain in New York to $78.17. The US-based energy firm is still to announce a long-delayed production deal on Cambodia’s offshore Block A.

Southern Gold bucked the downward trend, climbing 7.14 percent Friday in Sydney to A$0.15 to end up 3.45 percent for the week after announcing Thursday it would raise US$5 million from 40 million ordinary shares to continue exploration at gold concessions in Cambodia and Australia.


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