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Stocks edge up, analysts see fall ahead   2008-09-05 - Thanh Nien

The Ho Chi Minh Stock Exchange finished Thursday on a positive note even though some investors sold off large caps to make the most of recent stock price rallies, raising the prospect of a market dip in the next days.



The VN-Index, the gauge of 156 leading companies and four closed-end funds listed on the exchange, went up 3.42 points, or 0.61 percent, to close at 558.56.

The market’s liquidity improved with trading volume reaching 31.5 million shares. Of the index’s members, 104 rose and 46 fell.

Most of large caps closed Thursday on the downside while many small caps rose by the daily maximum limit of 5 percent. A dealer in HCMC said investors were switching their attention to lower-priced small caps, which were less likely to make a correction in the near future.

“Stocks may fall in the next few days as many investors are selling shares to get some profit after market gains recently,” Bloomberg quoted Nguyen Duy Khoa, head of the brokerage business at Kim Eng Securities Vietnam Joint-Stock Co., a unit of Singapore-based Kim Eng Holdings Ltd., as saying. “Besides, the market hasn’t got any momentum to back up the rally.

“It’s clearer for us to see now that the central bank won’t cut benchmark interest rates in the near future andlending interest rates will still stay at a high level.

“The government may not reduce fuel prices more after it cut costs last month, given that the oil price is forecast to stay high in the international market.”

Foreign investors still sold shares heavily, notching up a net selling value of VND20 billion (US$1.2 million). Technology giant FPT Corp., dairy maker Vinamilk, steel maker Hoa Phat Group, Vinh Son Hydropower and food maker Vinh Hoan were among the stocks they sold the most.

The Hanoi stock exchange followed a similar pattern, with the HaSTCIndex edging up less than a point, or 0.29 percent, to finish at 194.87.

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