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Stocks decline on continued bleak economic outlook   2008-12-24 - Viet Nam News

The VN-Index stopped its rally of recent days yesterday, dropping 6.12 points to close at 303.93, as most major stocks showed declines.

In Ha Noi yesterday, the HASTC-Index slipped 2.41 per cent to end the day at 105.25, with 105 codes advancing and 31 declining.

The HCM City Stock Exchange witnessed 113 losers and only 31 gainers on the day. While newcomer Hoang Ann Gia Lai (HAG) hit the ceiling of its regulated trading band and Pha Lai Thermal Power (PPC) advanced 3.3 per cent, most major shares experienced remarkable lows.

Trading volume picked up significantly over Monday's session, however, increasing 31 per cent to 19.7 million shares on a total turnover of VND615 billion (US$37.3 million). Sacombank (STB) maintained its place as most active share, with 1.7 million traded, followed by PetroVietnam Finance (PVF) with about 1 million.

Foreign investors returned to being net buyers, picking up 1.3 million shares with a net purchases value of VND43.3 billion (US$2.6 million).

The Dai Viet Securities analysis department said that investors so far this week were still maintaining moderate transactions, waiting for the Government's final decision on its $6 billion economic stimulus plan.

Foreign capital inflows sourced from crude exports were expected to decline, it said, quoting PetroVietnam's estimate that its revenues would fall by $6 billion this year if world oil prices stayed around $50 per barrel.

The analysts said the market was also feeling the impacts of economic conditions, with export values of many goods dropping significantly last month, and November's total of foreign direct investment reaching its lowest level since the beginning of 2008.

Viet Nam International Securities analysts said, however, that the economic slowdown could turn in the stock market's favour, with banks now offering lower returns on investor deposits of between 6 and 8 per cent per year.

In Ha Noi yesterday, the HASTC-Index slipped 2.41 per cent to end the day at 105.25, with 105 codes advancing and 31 declining. Trading volume was 6.3 million shares worth VND134 billion ($8.2 million).

Asia Commercial Bank led the northern exchange with 930,000 shares changing hands, followed by Kim Long Securities (KLS) with 851,000 shares, and Bim Son Cement Joint Stock Co (BCC) with 723,000.



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