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VN-Index plunges, flirts with new low   2009-03-04 - Viet Nam News

 

The VN-Index plunged another 2.50 per cent yesterday to close at 241.46, as two-thirds of the 178 shares and fund certificates listed on the HCM City bourse saw declines.

The HASTC-Index yesterday also continued its losing streaking, dropping 2.2 per cent to 81.76, with decliners outnumbering advancers by three-to-one.

Trading volume dropped by 100,000 shares to 8.4 million, worth VND146.5 billion (US$8.4 million). Sacombank (STB), with 1.6 million shares traded, and Saigon Securities Inc (SSI), with 827,080, maintained the places as the most-active shares of the day.

Foreign investors continued to sell off shares at a 3-1 margin.

"What's happening in the global market is the main factor governing domestic trading," said Nguyen Thanh Phong, an analyst at Da Nang Securities Co.

Phong explained that investors were considering purchases in face of the movement of global economic downturn.

"If buyers stay in wait-and-see mode, trading could stay in the doldrums all week," Phong said. "They are waiting for good time to buy in, but the time seems dependent on what's happening on the US market."

Much of the anxiety over 2008 financial disclosures by listed firms had passed, however, with investors now clear about the tough times enterprises faced in late 2008.

Vu Quang Trung, an investor with Thien Viet Securities Co, said that he had temporarily put off investing as the Index could fall further and he was holding out for an even lower price.

"I am buying some stocks for long-term investment. But I will restrain buying in volume in order to catch the right time," he said.

The HASTC-Index yesterday also continued its losing streaking, dropping 2.2 per cent to 81.76, with decliners outnumbering advancers by three-to-one. Trading volume stayed higher than Monday's at 5.2 million shares, worth VND99 billion ($5.7 million).

Foreigners were net sellers on the northern bourse by about 100,000 shares, concentrating their activity in such shares as Vinaconex Group (VCG) and Kim Long Securities (KLS).




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