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Profit-take pushes index down 2.24%   2009-04-16 - VietNamNet/Viet Nam News

Profit-taking left a big mark on the stock market yesterday with a record high volume at 57.13 million shares and a noteworthy value of VND1.55 trillion (US$86.8 million).

HASTC-Index yesterday declined 2.33 per cent to 127.89 points on a trading volume hitting the record of 29.64 million shares worth VND841.24 billion.

The VN-Index dropped 2.24 per cent to 339.29, with 122 falls against 44 rises, after rallying for three consecutive days.

Sacombank was the most active share with a volume of 13.29 million units changing hands, accounting for 21.87 per cent of the market's volume. Saigon Securities was runner-up with 4.6 million shares.

Nguyen Cong Chinh, a securities analyst in HCM City, said short-term investors was having a big impact on the market. The challenges of the economy remained, causing long-term investors to hesitate.

"The VN-Index gained about 20-30 per cent in value through the recent rally, which could bring many investors a promising profit. That's the explanation for today's significant transaction," Chinh said.

"The movement of US Wall Street still has an impact on local transactions. The VN-Index is witnessing a mixture of ups and downs but not a cross-line."

PXP Viet Nam Asset Management executive director Kevin Snowball said that as conditions improved globally, Vietnamese stock markets had the potential to rebound more strongly over the medium term than most other markets as long as investor confidence and sentiment improved.

"This will be stimulated by improvements in governance at a corporate level as well as earnings performance," he said.

"A movement on Wall Street tonight would affect transactions in Viet Nam exchange in next sessions," Chinh said.

Foreign investors yesterday led the buying with 4.44 million shares at a value of VND184.43 billion ($10.4 million) while they sold 3.9 million worth VND116.14 billion ($6.5 million).

HASTC-Index yesterday declined 2.33 per cent to 127.89 points on a trading volume hitting the record of 29.64 million shares worth VND841.24 billion ($47.3 million).

Asia Commercial Bank was the most active share with 8.5 million units traded, followed by Kim Long Securities with 6.5 million.

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