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Index falls on second day of sell-off   2009-02-19 - VietNamNet/Viet Nam News

Another big sell-off of shares yesterday once again sent the VN-Index into a plunge, dropping 7.98 points, a loss of just over 3 per cent, to close at 255.09.

In Ha Noi yesterday, the HASTC-Index also plunged another 3.85 per cent to end the day at a mere 84.62.

Due to the wholesale dumping of shares, volume was once again high on the HCM City Stock Exchange, at just over 10.0 million shares. Sacombank (STB) was the most active share with 1.2 million traded, followed by Saigon Securities Inc (SSI) at 708,250.

Combined value of the day's trades was VND207.30 billion (US$11.8 million).

An analyst with Hoa Binh Securities Co who asked to remain anonymous said that huge sell-offs by institutional investors were quite normal. "Institutions are in business," he said. "They need to keep their capital liquid and generating returns, not idling in place."

With listed enterprises continuing to post poor business results or delaying disclosures, many investors might have also been attracted to the much hotter gold market.

Domestic gold prices yesterday hit VND20 million per tael (with one tael equivalent to 1.2 ounces) before setting on the day at VND19.5 million, while world gold prices were nearing a record $1,000 per ounce.

Plunging world stock markets were also distracting local investors. Wall Street dipped substantially again on Tuesday despite US President Barack Obama signing the $787 billion stimulus bill into law, and Asian markets followed the prevailing trend.

In Ha Noi yesterday, the HASTC-Index also plunged another 3.85 per cent to end the day at a mere 84.62. Volumes remained high at 4.67 million shares for a total value of VND83.88 billion ($4.8 million). Asia Commercial Bank (ACB) topped the day's trading at 1.2 million shares.

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