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Investor fatigue drags down Index   2008-12-11 - Viet Nam News

Anaemic trading volumes dragged down the HCM City Stock Exchange yesterday, with the VN-Index losing another 2.2 per cent and falling to just 286.85 points by the end of the day's trading session.

Bond transactions have risen strongly since the beginning of the month, with bond trades at the Ha Noi Securities Trading Centre reaching VND3.3 trillion last Thursday and mounting to nearly VND6 trillion on Monday.

Trading volume fell even more dramatically, dropping 12 per cent on the day to just 7.8 million shares, for a total turnover of only VND191.5 billion (US$11.6 million).

The day saw 118 losers and 30 gainers, with only Sacombank (STB) generating any significant activity, with orders for 1.75 million shares.

While their overall transaction levels declined significantly, foreign investors once again became net buyers of about 523,000 shares, with a net value of VND41.6 billion ($2.5 million). It was one of the day's few bright spots.

Vincom Securities Co general director, Dinh Quang Nuong, said he expected the VN-Index to range between 280 and 320 between now and the end of the year.

Low investor sentiment flowing from fluctuating world markets and uncertainty over domestic firms' fourth-quarter business results were still having great impacts on the market, he said.

Meanwhile, Nuong said it would take recent interest rate and fuel price cuts from four to six months to show up in improved performance by listed enterprises.

The director of SME Securities' securities services department, Nguyen Anh Duc, agreed that companies would be unable to reduce costs immediately but were likely to see fewer difficulties now in obtaining credit.

Securities analyst Le Dat Chi said bonds were currently a much safer investment, noting that many commercial banks were now contributing to the bond market.

Bond transactions have risen strongly since the beginning of the month, with bond trades at the Ha Noi Securities Trading Centre reaching VND3.3 trillion ($200 million) last Thursday and mounting to nearly VND6 trillion ($364 million) on Monday, according to the centre's data.

By comparison, they averaged less then VND1 trillion per day in November.

Asiavantage Global director, Trinh Viet Cuong, commented that the stock and bond markets were two sides of the same coin and that growing investment in the bond market was a positive sign for both.

On the Ha Noi stock market yesterday, the HASTC-Index slid 2.77 per cent to close at 100.25 points on a trading volume of about 6 million shares and a turnover of nearly VND140 billion ($8.5 million).

The day saw 109 losers and 22 gainers, with trading sluggish in most codes, except for Kim Long Securities (KLS) with 1.3 million shares traded, and Asia Commercial Bank (ACB) with 827,000 shares.

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