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Market holds fast against profit-taking   2009-05-28 - Viet Nam News

The VN-Index held its ground for a third consecutive day yesterday, supported on one hand by positive US economic data but undercut on the other by strong pressure from profit-taking.

In Ha Noi, the HASTC-Index fell by 1.27 per cent jip end the day at 148.28, with demand for shares no longer strong enough to offset heavy profit-taking.

By the end of the day, the Index closed up just 0.03 per cent at 425.17, a gain of only 0.14 points.

Trading volume was quite heavy, at 56.4 million shares, worth a total of VND1.92 billion (US$107.9 million). Foreign investors continued to be wary of the latest bull market, accounting for only 4.8 million shares worth of the day's volume and VND255.3 billion ($14.3 million) of its value.

Sacombank (STB) maintained its place as the most active share, with 6.3 million changing hands, followed by brokerage house Saigon Securities Inc (SSI) with 4.8 million shares traded, and real estate developer Hoang Anh Gia Lai (HAG) with 3.9 million.

"A dump of shares is coming in the next couple of days," predicted veteran investor Quang Tung, a member of the Vietstock forum, an online forum for securities investors. "It's time to pull money out as I can see the VN-Index has reached the expectation level of many investors. Signs of a coming fluctuation are getting obvious, including the slowed advance of the VN-Index in the last few days and dumping of shares beginning to appear in blue chips."

Hoang Thach Lan, head of analysis at SME Securities Co, agreed, saying that the fluctuation of large caps like ACB, STB or PetroVietnam Finance had signalled a major profit-taking move, likely in the next several days unless there was some major economic news to counteract it.

High volumes in recent days reflected that investor enthusiasm had remained high, but there was a significant division between trading in large caps and in other shares, said Lan.

VNDirect Securities Co analysts wrote in their daily report that investors were watching market trends closely, as reflected in the slight increase of the VN-Index combined with solid market liquidity.

Investors believe the economy was improving, they said, "but the eagerness will soon be over and buyers will begin to lose interest again in securities investment."

In Ha Noi, the HASTC-Index fell by 1.27 per cent jip end the day at 148.28, with demand for shares no longer strong enough to offset heavy profit-taking. About 31.2 million shares changed hands on the northern bourse, for a total value of VND897.9 billion ($50.4 million).

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