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New share issues weigh on VN-Index   2008-11-13 - Viet Nam News

Global economic uncertainty and a surfeit of new share listing continued to be a drag on the domestic stock market yesterday, with the VN-Index sliding 9.38 points, or 2.67 per cent, to close at 342.33.

Viet Nam International Securities (VIS) Co analysts said negative developments globally were continuing to impact the local exchange.

With 41 gainers and 102 decliners, trading saw a volume of 14.68 million shares and generated a turnover of VND492.7 billion (US$29.3 million).

Viet Nam International Securities (VIS) Co analysts said negative developments globally were continuing to impact the local exchange.

"Major US financial groups such as AIG, Fannie Mae and Goldman Sachs having posted losses in the third quarter shows that the US credit crisis has not ended," the VIS analysis department said. "Macro-economic indices of many developed industrial nations getting worse also deepens risks of economic recession".

Closer to home, the market continues to be burdened by an overabundance of shares, and new shares entering the market yesterday flopped big time. Nearly 19.7 million shares of Ha Nam Mineral Joint Stock Co (KSH) hit the floor in their first day of trading, ending the session at VND20,000 ($1.20) per share. Shares of Basa Joint Stock Co (BAS) saw a similar fate.

Sacombank (STB) continued to hold its position as most active share, with 2.5 million traded, followed by Cable and Telecom Materials (SAM) at 875,000 shares traded and Phu My Fertilisers (DPM) at 724,000.

Foreign investors once again appeared to be bailing on the market, buying only about a million shares while unloading another 4.2 million. Net sales value more than quadrupled on the day to VND115.52 billion ($6.8 million).

In Ha Noi the HASTC-Index rose slightly, gaining 0.62 per cent to close at 113.01 on a trading volume of 10.8 million shares and a total value of around VND302 billion ($18 million). Seventy-nine codes posted gains while 58 declined.

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