Vietnam shares ended lower Tuesday for the 11th session in a row as concerns about a war in the Middle East and the earnings of listed companies dominated the market, traders said. News that a U.S.-led war in Iraq could start within days weighed on already negative investor sentiment, traders said. The market has focused on earnings worries since last week, when Long An Food said its full-year cash dividend would be lower than last year's. Haiphong Paper Co. and blue-chip Refrigeration Electrical Engineering made similar announcements this week. "REE confirms a final cash dividend of 1,200 dong ($1=VND15,403) per share for 2002, and the same dividend for this year," a company official told Dow Jones Newswires Tuesday. Market participants said REE's target dividend for 2003 was below expectations. REE was the day's most active stock, closing down VND300 at VND15,200 on volume of 27,800 shares traded. The stock market index fell 2.87 points, or 1.8%, to 157.83. Sixteen stocks ended lower, one ended higher and four were unchanged. Volume fell to 71,200 shares from 87,000 Monday, with 1,000 bonds traded, from 1,500 bonds Monday. Turnover fell to VND1.427 billion from VND1.681 billion Monday. "Market sentiment has been weak and volatile for weeks, and I expect more selling in the coming days," said a trader based in Ho Chi Minh City. Cable & Telecommunications Materials, or Sacom, was the second most active stock. It slid VND100 to VND18,900 on volume of 9,700 shares. General Forwarding & Agency, or Gemadept, was the biggest decliner. It slid VND1,000 to VND33,000 on volume of 4,600 shares. Another 10,000 shares changed hands at VND33,200 in off-market trading. Traders said Gemadept has fell to its lowest level since its debut on bourse at VND42,500 in April last year. They expect the company, whose earnings are mainly from port services, will be significant hurt by the probable war, which would disrupt many sea transportation operations. Binh Trieu Construction was the only stock that gained Tuesday. It finished up VND800 at VND18,300 after trade of only 200 shares. Tuesday Monday % Change Closing VN-Index 157.83 160.70 -1.8 Trade Value (VND Bln) 1.427 1.681 -15 Number Of Shares Traded 71,200 87,000 -18 Number Of Bonds Traded 1,000 1,500 -33