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Fuel price cut fails to rev up market   2008-11-11 - Thanh Nien News

The Ho Chi Minh City stock market began the week quietly as concerns over a global economic meltdown offset a 7-percent cut in local fuel prices.

 

The VN-Index, Vietnam’s main stock index, was up 0.03 points, to close at 366 points.

“Fuel prices are no longer a concern for investors,” an investment manager at a HCMC brokerage, who wished to be unnamed, said.

“Investors are worried about the global financial turmoil and the slowing local economic growth.”

They have begun to closely follow the US stock market, he said, adding they are often careful at the beginning of the week.

Trading volume was 17 million as 75 shares gained, 70 lost and 22 remained unchanged.

“Investors are a little more enthusiastic as fuel prices were cut again last week and the US stock market gained as well. Investors here have been following the US stock market for their trading decisions,”

Bloomberg quoted Giang Trung Kien, the head of the investment analysis department at Hanoi-based FPT Securities Joint-Stock Co., as saying. “The stock market will gain slightly.

However, the advance will not be for the long term as many companies have been reporting losses and are still facing many problems.”

After three straight days of buying, foreigners yesterday turned net sellers to the tune of VND79.2 billion (US$4.7 million). PetroVietnam Drilling and Well Services Joint Stock Company, PetroVietnam Fertilizer and Chemical Corporation and Viet Nam Petroleum Transport Joint Stock Company were among the stocks they sold.

Nam Viet Corporation, the country's largest listed catfish processor, yesterday gained VND1,000, or 4.76 percent, to close at VND22,000, ending two days of declines.

The company’s after-tax profit for the first nine months was VND237 billion ($13.9 million), according to a statement posted on the exchange’s website on November 7. It will pay a dividend of VND1,800 per share next month.

Dien Quang Lamp Joint-Stock Company a light-bulb maker, lost VND900, or almost the daily allowed limit of 5 percent, to close at VND17,200. The company said in a statement last week it was forced to cut production in the third quarter without offering an explanation.

The HCMC-based company also said higher costs, including fuel charges and interest, affected its income in the third quarter.



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