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Market volumes hit record highs   2009-06-10 - Viet Nam News

Combined trading value on the HCM City and Ha Noi stock markets reached a record VND5.1 trillion (US$286.5 million) in yesterday’s trading.

Trades on the HCM City Stock Exchange totalled VND2.9 billion, on a staggering volume of 75.5 million shares, while values in Ha Noi doubled from Monday, reaching VND2.2 trillion on a volume of 56.5 million shares.

Trades on the HCM City Stock Exchange totalled VND2.9 billion ($162.9 million), on a staggering volume of 75.5 million shares, while values in Ha Noi doubled from Monday, reaching VND2.2 trillion ($123.6 million) on a volume of 56.5 million shares.

Foreign investors accounted for VND635.11 billion ($35.7 million) worth of the day’s trades, or 12.5 per cent of the combined value.

Banking shares were most heavily favoured, with Sacombank (STB) leading market volume at 13.34 million shares traded. In Ha Noi, meanwhile, Asia Commercial Bank (ACB) was the most active share, with a volume of 5.71 million.

The VN-Index ended the day up 2.19 per cent, closing at 512.46, while the HASTC-Index gained 2.83 per cent to end the day at 186.17.

Many investors at Sai Gon Securities Inc wondered whether the unusually active day could signal a coming adjustment.

Investor Tran Hung Quang commented, "Those with the most wanted shares offered more shares today, which differentiated from the recent trend of holding onto shares. It means they have reached their expected level of profit. As I see it, tomorrow’s session is likely to see a dump of shares."

The website www.indexq.org has selected HCM City as one of top ten hottest-growing indices worldwide, with a year-to-date growth of 58.89 per cent.

They regarded heavy buys as a supportive sign for market development but warned investors of the possibility of shares being dumped, triggering the sort of unpredictable plunge in the markets which was witnessed last year.

Bao Viet Securities Co analysts said that an adjustment was essential in a period of high-tension growth. "However," they said, "we believe that the major trend is upward, supported by great demand."



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