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Fears fade for global investors; VN-Index up   2008-10-15 - Viet Nam News

The local stock exchange witnessed an impressive rebound yesterday, backed by less investor panic towards the global credit crunch as solution packages started to take effect.

The VN-Index grew a strong 4.75 per cent to 389.33 points, after ending at 371.67 on Monday. The level was close to the VN-Index's lowest mark so far at 366.02 on June 20.

The VN-Index grew a strong 4.75 per cent to 389.33 points, after ending at 371.67 on Monday. The level was close to the VN-Index's lowest mark so far at 366.02 on June 20.

The southern exchange saw all its 160 listed shares rise close to the top of the regulated trading band. The best performing stocks were BMC of Binh Dinh Minerals, VPL of Vinpearl and IMP of Imexpharm Pharmaceutical.

"The rebound today is not surprising as the local market is now governed by psychological factors [of the global economy]," said Vu Duc Nghia, the deputy director of Bien Viet Securities.

He explained that what happened in the international and regional stock exchanges yesterday and Monday influenced local investors' attitudes towards securities trading.

Since the beginning of the week, Asian and EU stock markets started strong recoveries, after the US Federal Reserve and finance ministers of the biggest global economies started injecting money into the banking system, and acquiring stakes in commercial banks.

The decisions reassured global investors who feared a spreading economic crisis.

"When local investors saw fervent sentiments appearing world-wide, they began worrying less. Then they came back to securities trading," Nghia added.

Despite the strong recovery of shares, the market saw a modest trading volume of 9.07 million shares, worth VND300.93 billion (US$17.91 million).

This figure represented a reduction of 29.03 per cent over Monday's volume.

"Sellers began holding onto shares when they saw huge purchases; then the trading volume reduced substantially," said Vu Thanh Phong at Thien Viet Securities.

Phong predicted the situation would continue over the next several days as the stock market was signalling an upward trend.

The HASTC-Index of the Ha Noi Securities Trading Centre exceeded the regulated trading band of 7 per cent to rise by 7.57 per cent, and close at 128.37 points.

Only one share, SPP of Sai Gon Plastic Package, closed down. HSC of constructor Hacinco was not traded, while the remaining shares all hit the ceiling of the trading band.

Like the HCM City Stock Exchange, the Ha Noi centre also saw its trading volume at half of Monday's at 3.53 million shares. The figure represented a turnover of VND123.45 billion ($7.35 million).

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