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Stock market down, investors become more cautious   2008-07-19 - ThanhNienNews

Vietnam’s stock exchange fell, as investors worried the VN-Index would not be able to break through the psychological barrier of 500 points.



After eight consecutive days of edging up, the benchmark VN-Index closed Friday down 6.78 points, or 1.38 percent, at 483.05.

Many investors placed bulk selling orders because they were afraid the exchange could not break through the 500 point-barrier, Ngo Huu Hung, Analysis Director of Dai Viet Securities Company told Thanh Nien Daily.

Some others, after making a 20-25 percent profit over the past few days, sold stocks to cash in on the gains, he said, adding that these investors didn’t dare pour a lot of money into the exchange or make long-term investments in the current economic climate.

Trading volume rose to more than 26 million, worth VND1 trillion ($62.02 million) Friday.

Of the 153 companies and four closed-end funds on the Ho Chi Minh Stock Exchange, 24 stocks ended the day higher, with the biggest gains made by large caps Saigon Securities Company, technology development and investment firm FPT and the multi-sector production and trade group Hoa Phat, which all rose by the allowed maximum of 3 percent.

“The market is likely to soon reach 500 points because there are some positive signs,” Hung said, identifying the positives as the slower inflation in June, a decrease in global fuel prices and good earnings results from some listed firms.

However, the market’s trend would become clearer when July’s inflation rate and all businesses’ operating results in the second quarter of this year were released, he said.

Foreign investors were in a buying frenzy, pumping in VND195 billion ($11.6 million).

PetroVietnam Fertilizer and Chemical Joint Stock Company, steel market Hoa Phat Group, telecommunication firm Saigontel, construction company Sudico and drilling firm PV Drilling were among their most popular stocks.

At the Hanoi Securities Trading Center, where stocks of small- and medium-sized firms are mainly traded, its HASTC-Index decreased 1.36 points, or 0.9 percent, to 149.68 points Friday.

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