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VN-Index down on net sales   2008-09-25 - Viet Nam News

Local stock market yesterday witnessed a fall amid lack of investors' confidence driven by the US financial crisis, and unchanged interest rates along with a wait-and-see attitude for quarterly business results.

Although the US government $700-billion bailout has been widely publicised, investors are still worried about the feasibility of the plan.

The VN-Index closed down 2.32 per cent at 455.05, with 117 codes sliding, 33 advancing and 14 unchanged.

Many big stocks fell sharply; for instance, VNM of Vinamilk, IMP of Imexpharm Pharmaceuticals and DHG of Hau Giang Pharmaceuticals.

However, several lucky big stocks avoided the downturn, such as Song Da Urban-IZ Investment & Development (SJS), PetroVietnam Drillings (PVD) and Pha Lai Thermal Power (PPC) were amongst the winners, but their gains were not big enough to push up the index.

Securities analyst Dao Van Khanh of Agribank Securities blamed yesterday fall on the high number of shares from existing and newly listed firms which have been pipelined into the market recently.

"Since the stock market has been running smoothly, listed firms began restarting their capital expansion through issuing share. Additionally, some newly listed firms have appeared on the bourse with significant shares volume. This means there is more supply than demand," said Khanh.

"In addition, concerns of destabilisation in US financial markets has worried investors worldwide, and Vietnamese investors also became more cautious. That's why they aren't buying as many shares," he added.

Although the US government $700-billion bailout has been widely publicised, investors are still worried about the feasibility of the plan.

Sacombank (STB), Saigon Securities Inc (SSI) and Hoa Phat Group (HPG) were the most active shares yesterday. STB saw 1.87 million shares change hands, SSI saw 760,740 and HPG 578,190 shares.

Trading volume today was much less than Tuesday, with 14.39 million shares worth VND487.25 billion (US$29.53 million) changing hands, representing a 50 per cent reduction from Tuesday's record high of VND1.41 trillion.

"Cautious trading, alongside concern about quarterly business results, which are due out soon, have pulled down share volume and value," said Khanh.

In Hanoi the HASTC-Index closed down 0.75 per cent at 151.47. The northern market saw 8.15 million shares traded with a turnover of VND267.02 billion ($16.18 million).

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