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Foreign investors, lower rates buoy market amid rough weather forecast   2008-11-11 - Viet Nam News

The VN-Index marched in place yesterday, closing up a negligible 0.01 per cent to end the day at 366 points a with volume of 16 million shares. The value of the day's trading was VND518 billion (US$30.8 million).

In Ha Noi yesterday, HASTC-Index added 1.99 points, or 1.71 per cent, to close at 118.35. About 9.57 million shares changed hands for a total turnover of VND273 billion ($16.25 million).

Most active shares in yesterday's trading included Sacombank (STB), with orders for 4.48 million shares, Saigon Securities Inc (SSI) with 1 million, and Cables and Telecom Materials (SAM) with 586,000.

Foreign investors were net sellers on the day, with 710,000 shares bought and 1.87 million, units sold, for a net sales figure of VND79.2 billion ($4.7 million).

Hoang Thi Hoa, director of the analysis department at Viet Capital Securities, said supply and demand on the market were now in relative balance, with liquidity being well maintained.

In the three final trading days of last week, foreigners were net buyers with net buys worth VND140 billion ($8.3 million), Hoa noted.

Hoa said that lower interest rates and renewed foreign investor interest were helping sustain a market still challenged by the psychology of domestic investors, world market fluctuations, and the impact of the US economic crisis on Vietnamese exports.

Analysts in general were predicting that many listed firms would report lower profits in the fourth quarter and that more bad economic news was on the way, including higher inflation in the final two months of the year due to recent heavy rains and flooding.

"The market will continue to in see some downward and mixed moves before determining an upward trend in the middle term," commented the Dai Viet Securities analysis department.

In Ha Noi yesterday, HASTC-Index added 1.99 points, or 1.71 per cent, to close at 118.35. About 9.57 million shares changed hands for a total turnover of VND273 billion ($16.25 million).

Kim Long Securities (KLS) led the trading on the capital city bourse, with 1.8 million shares traded, followed by Asia Commercial Bank (ACB) at 1.3 million and PetroVietnam Insurance (PVI) at 704,000.

Asia Commercial Bank's listing of 200 million additional shares would present some challenges for the market this week, EuroCapital Securities said in a report.



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