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Investors remain leery of making investments   2009-02-17 - Viet Nam News

The VN-Index continued its slow downward slide, losing another 0.8 per cent of its value yesterday to close at 272.31.

In Ha Noi yesterday, the HASTC-Index also shed another one per cent to end the day at 90.03. Trading volume remained very moderate, at only 2.78 million shares worth of VND52.37 billion.

Market activity continued to be depressed, with a volume of just 4.98 million shares, worth about VND98 billion (US$5.6 million). Cables and Telecommunication Material (SAM) led the day's trading with a mere 369,270 shares, followed by FPT, with only 357,040.

"Investors aren't ready to make more investments in securities now because listed firms have not yet completed submitting financial reports," said Le Ba Hoang Quang, head of the analysis department at Sacombank Securities Co.

In the short term, the market would continue falling in the face of unexpected business results from listed enterprises, Quang said.

"The movement of some firms from the HCM City to Ha Noi bourses has also caused a psychological reaction from investors," he added, referring to new minimum capital requirements that require certain under-capitalised firms to have their listings shifted from HCM City to Ha Noi.

A few blue chips were among the gainers yesterday, including Refrigeration, Electrical and Engineering (REE), Pha Lai Thermal Power (PPC) and SAM.

"The strong purchase in SAM in this session could be related to forecasting on its fourth-quarter business performance, which it has delayed revealing," said a broker at Agribank Securities. "Meanwhile, some blue chips which posted losses in 2008 still have good production. Their losses were due to bad financial investments."

While the global economic crisis and its domestic impact have left many investors with cold feet, Quang advised: "Long-term investors should begin investing again now because of the attractiveness of share prices."

Quang said that health care and food and beverage stocks were the best choices because they ensured a stable profit even through bad economic times.

In Ha Noi yesterday, the HASTC-Index also shed another one per cent to end the day at 90.03. Trading volume remained very moderate, at only 2.78 million shares worth of VND52.37 billion ($2.9 million). Asia Commercial Bank (ACB) was the most-active share with 432,600 traded.



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