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VN-Index dives amid global market downturn   2008-10-17 - Viet Nam News

Local investors seem to be paying more attention to what's going on in the global market rather than the better-off local economy, sending the VN-Index down by 3.16 per cent to 384.61 after two upward sessions.

In Ha Noi, the HASTC-Index lost 5.93 per cent to 124.28, with half of Wednesday's trading volume at 7.93 million shares.

The HCM City Stock Exchange yesterday saw 119 of 160 listed shares decline, 25 codes rise and 14 close unchanged.

Almost all blue chips dove yesterday, dragging the market index down with them.

Trading volume was nearly half of Wednesday's, at 16.49 million shares, equivalent to a total value of VND483.96 billion (US$28.81 million).

STB Sacombank saw 2.26 million shares change hands, while other active shares included SAM of Cable and Telecom Materials and HPG and Hoa Phat Group, although they had less than 1 million shares traded each.

Overseas traders perked up, purchasing 5.02 million shares on the local exchange, up from over 2 million shares on Wednesday. This sector focused on some blue chips such as PVD of PetroVietnam Drillings, DPM of Phu My Fertiliser and VNM of Vinamilk.

In Ha Noi, the HASTC-Index lost 5.93 per cent to 124.28, with half of Wednesday's trading volume at 7.93 million shares.

This figure represented a turn over of VND216.58 billion ($12.89 million), of which financial stocks like ACB of Asia Commercial Bank, PVS of PetroVietnam Securities and KLS of Kim Long Securities contributed significantly.

Many investors at An Binh Securities said that world-wide stock activity has recently discouraged buyers.

Asian stocks plummeted, led by the largest single-day decline of the Nikkei of 11.4 per cent, as fears grew of a more protracted and sharper global slowdown than initially expected, according to AFP reports.

"It's not a good sign when global investors sell equities en mass. Something bad is going to happen to the US economy, maybe a real crisis," said Phan Thu Huong, an An Binh Securities member.

Nguyen Son, head of State Securities Commission's Market Development Department, said that the connection between the US and Viet Nam was not obvious, and the impact should be insignificant.

"Local investors should pay attention to internal economic factors which are getting better. Then they can make reasonable decisions with securities investment on the local exchange," he said.

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