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Index continues to plumb depths   2009-02-24 - Viet Nam News

The HCM City Stock Exchange continued its downward slide yesterday, with the VN-Index closing at 244.02, a loss of 3.39 percent.

Between now and April, businesses would begin report their first-quarter business performance for 2009.

This marked the 10th consecutive trading day of declines in the VN-Index.

Losers outnumbered gainers on the day by 135 to 18 codes, with 23 codes remaining unchanged.

Sacombank (STB) remained the most active share on the day, with more than 1.5 million share traded.

It closed at VND13,600 per share, a loss of VND700.

Phung Thanh Ha of Click & Phone Securities Co said no one dared to buy shares at the moment, and sales by foreign investors were helping make domestic investors even more anxious.

Between now and April, businesses would begin report their first-quarter business performance for 2009, Ha said.

One more series of down-turns would be unavoidable as the prospects of business performance were not optimistic.

According to Phan Kim Anh of APEC Securities Co, cutting losses depended on investors' views.

For long-term investors, selling shares at the moment was not seen as an intelligent move as the VN-Index was already down from 1,170 points in December 2007.

Investors, meanwhile, would lose their chance to buy shares at a cheap price should the VN-Index rebound.

In Ha Noi, the HASTC-Index also experienced a downturn by losing 3.94 points to end the day at 80.26 points.

The total trading volume on the northern bourse neared 4.3 million shares for a combined value of VND72.06 billion ($4.1 million). Losers outnumbered gainers by 114 to 25.

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