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VN-Index drops as investors rush to sell   2009-04-21 - VietNamNet/Viet Nam News

The VN-Index dropped a further 4.56 per cent to 318.89 as investors bartered away shares.

The HASTC-Index yesterday plummeted 5.08 per cent to 116.3, on a volume of 10.1 million shares. (Photo: VNN)

Market value also dropped to 17.24 million shares worth VND410.7 billion (US$23.1 million). Hoa Phat Group (HPG) yesterday led market trading with 1.61 million shares changing hands due to good earnings in the first quarter and a high pre-arranged dividend payment of 30 per cent.

"Demand seemed to disappear in a moment. Nobody bought in the session. It sounded so freaky," said Tuyen, an investor in Ha Noi.

Tran Quang Hai, another investor in Sai Gon Securities Inc, said that very few investors bought shares yesterday. "Everything changed in today's session when market liquidity dropped suddenly."

Nguyen Trong Nghia, an analyst from a Ha Noi-based securities firm, said that the market was itself adjusting to other markets worldwide." Recently, our market grew hot. The fluctuation is necessary to make share prices return to a reasonable level in the present economic condition."

The ease-off in trading on global markets also made local investors hesitate to purchase, said Nghia. "However, when share prices return to their real value, investors could come back to buy in."

First-quarter earning performances helped restrain the drop of the VN-Index during the adjustment, he added.

Foreigners yesterday became net-buyers with 1.5 million shares worth VND38.3 billion ($2.1 million) changing hands. They focused on purchasing shares in HPG, Pha Lai Thermal Power (PPC), Phu My Fertilisers (DPM) and PetroVietnam Finance (PVF).

Positive transactions from overseas clients was supportive of the local market, said SME Securities in its daily report. But the purchase was not really strong enough to help the VN-Index rally and accounted for 13 per cent of the market volume.

The HASTC-Index yesterday plummeted 5.08 per cent to 116.3, on a volume of 10.1 million shares.

The volume was equivalent to a value of VND204.84 billion ($11.5 million). Newly listed SHB from Sai Gon-Ha Noi Commercial Bank was the most active with 2.01 million being traded.

Yesterday was the first listing of Sai Gon-Ha Noi Commercial Bank, which offered 50 million shares to the public. At the close, SHB ended at VND15,200 per share.

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