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Securities investors wary   2008-10-01 - Saigon tiep thi

The chaos in the US stock markets on September 30 following the news about the rejection of the $700bil bailout has had big impacts on Asian markets, including Vietnam. Many investors have stopped trading.

 

The chaos in the US stock markets on September 30 following the news about the rejection of the $700bil bailout has had big impacts on Asian markets, including Vietnam.

A lot of investors on trading floors on September 30 told reporters that they were shocked by the news about the failed $700bil bailout. Bien, an investor on ACB trading floor, said that he took it for granted that the bailout would be approved and he purchased a lot of stocks last Friday and Monday.

 

Bien has become more worried as Bloomberg has continuously been reporting the decreases of the securities indexes in Asia, including in Hong Kong, Singapore and Taiwan.

 

Nguyen Van Hai, an investor on Tan Viet trading floor, said that he is trying to sell all the LGC he has this week.

 

However, not all investors were overly concerned. Thuy, an investor on SSI trading floor, told Saigon Tiep thi that she was not going to sell stakes like other investors, though REE shares, which she is holding, only saw the modest trading volume of 2,560 shares on September 30.

 

Thuy said that investors are trying to reassure others by saying that the $700bil bailout will be approved later. Thuy said that she will purchase stocks if the VN Index falls to 400 points.

 

Trinh Hong Van, Chairman and General Director of Nam An Securities Company, said that difficulties will exist for some days, but the world will ‘calm down’. He said that investors should think carefully about decisions to sell stakes out at this moment, and that they should have objective viewpoints about the possible impacts of the financial crisis on Vietnam.



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