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Market dips as volume hits two-month low   2008-11-20 - Viet Nam News

Share prices plunged further yesterday on the HCM City Stock Exchange, as trading volume hit a two-month low.

In Ha Noi yesterday, the HASTC-Index closed 0.43 per cent lower at 110.9 points. Only 6.43 million shares changed hands on a turnover of under VND180 billion ($10.7 million).

The VN-Index slipped 3.8 points, losing 1.12 per cent to close at 336.89. Trading volume fell by 19 per cent over Tuesday to 9.75 million shares on a total revenue of VND285.5 billion (US$17 million).

Trading activity continued to be sluggish, with only Sacombank (STB) making much of a mark, with nearly 2 million shares traded. Runners-up as most active, Phu My Fertilisers (DPM) and Saigon Securities Inc (SSI), saw only around 400,000 shares each changing hands.

Transaction by foreign investors also saw only modest numbers, with 1.45 million shares sold and only 660,000 bought, for a net sales value of VND40 billion ($2.38 million).

Kim Eng Securities analyst Ken Tai said the market would continue to be steady over the next few weeks, creating opportunities for short-term investment.

"Recent moves such as cuts to petrol prices and the prime interest rate are signs suggesting that the economy will see positive changes supporting stock market growth," he said.

"If concentrating only on internal conditions, investors might see the current situation as an opportunity," commented independent securities analyst Huy Nam.

The current slowdown on the domestic exchange was due to external influences, not internal factors, Nam said.

However, a seminar discussing the global financial crisis held in HCM City on Tuesday heard that the domestic economy was seeing signs of impacts from the world crisis. Influences were being seen on exports, tourism, foreign investment, and remittance.

Tai said investors should be cautious in "such a sensitive time". He suggested only moderate holdings in securities and cash to avoid possible risks of world fluctuations.

In Ha Noi yesterday, the HASTC-Index closed 0.43 per cent lower at 110.9 points. Only 6.43 million shares changed hands on a turnover of under VND180 billion ($10.7 million). Asia Commercial Bank (ACB) led the northern market with orders for 1.4 million shares, followed by Kim Long Securities (KLS) with 720,000 units.



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