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Market slides as blue chips drop   2008-09-07 - VNA

Blue chips dropped on Sept.5, bringing down with them both the Hanoi and Ho Chi Minh City markets.

The VN-Index slid 11.9 points or 2.13 percent to close at 546.66. Trading volume fell by nearly10 million shares to 20.96 million for a total turnover of more than 836 billion VND (50.66 million USD).

Some blue chips had started slowing on Sept. 5, putting the brakes on the growth of the VN-Index, as the index added just 0.62 percent to close at 558.56.

As variety of major stocks tumbled on Sept. 5, including Binh Dinh Minerals (BMC), Phu My Fertiliser (DPM), Hoa Phat Group (HPG) and Vinamilk (VNM). FPT also turned around, losing 6 points, after increasing over a series of straight days.

Meanwhile, many small stocks with prices of around 20,000 VND (1.2 USD) continued to hit the ceiling. Vietnam Petroleum Transport Joint Stock Co (VIP) was in demand with purchases exceeding sales by 2.34 million shares.

Foreign investors were net sellers, selling about 1.9 million shares and loading up on 1.44 million. Net sales value narrowed slightly to 17.84 billion VND (over 1 million USD) from Thursday’s 20 billion VND (1.2 million USD).

At the Hanoi Securities Trading Centre, the HASTC-Index dropped 5.73 points or 2.94 percent to end at 189.14. Around 16.75 million shares changed hands for a total value of 791.78 billion VND (47.98 million USD).

Major stocks of the northern market including Asia Commercial Bank (ACB), Kinh Bac Urban Development Co (KBC), PetroVietnam Insurance (PVI) and Petroleum Technical Service Corp (PVS) all saw losses Sept. 5.

Securities areas maintained a solid upward trend, with Bao Viet Securities (BVS) and Kim Long Securities (KLS) of the Hanoi market and Saigon Securities Inc (SSI) of the HCM City market all hitting the ceiling.

The market would continue to rise in September, with investor considence facilitated by increases over the last two months, Saigon-Hanoi Securities Company (SHS) said in a report.

“It will be difficult for the market to increase strongly between now and the end of the year,” the report said. “Investors have now considered more carefully with methodical investment stragies, which will restrict over-excitement of the market.”

Fiachra Mac Cana, an analyst with HCM City Securities Corp, said earlier this week that the market would adjust downwards by 20-25 percent within the next few months. “Current shares prices have reflected what we expect in the next few months,” he said

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