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Large sell-off causes market plunge   2009-02-18 - VietNamNet/Viet Nam News

Shares prices continued dropping yesterday, causing the VN-Index to plunge another 3.39 per cent to close at 263.07 points.

In Ha Noi yesterday, the HASTC-Index also plummeted by 2.24 percent to end the session at 88.01 points.

A large sell-off swamped the market early in the session, and all codes on the HCM City Stock Exchange headed south on the day. Trading volume jumped up to 10.6 million shares, for a total value of VND210.42 billion (US$12 million).

"Today's trading looked like a dump of shares," said Vu Quang, an investor with VPBank Securities Co. "I'll bet that we'll have another dump in the next session and share prices will go even lower than they are now."

He added, "You could buy now, but you also could also buy at even lower prices if you wait a few more sessions."

Hoang Xuan Quyen, head of the analysis department of Tan Viet Securities Co, said that the sell-off was not one to cut losses but due to worries over the business prospects of listed firms and their possibility to profit during the economic crisis.

"Once all firms have completed their disclosure of fourth-quarter business results, the market situation should be improved," Quyen said.

The HCM City Stock Exchange put five more firms on its monitoring list and issued investor alerts on them. The firms were Cables and Telecommunications Materials (SAM), Hai Phong Paper (HAP), Tan Dai Hung Plastics (TPC), Pha Lai Thermal Power (PPC) and Taya Electric Wire and Cable (TYA), all because of losses incurred in 2008.

"2008 was a very hard year for the stock market and for listed firms. The losses are quite understandable, but we have to bring these firms under observation as we want to protect investors first," said Tran Anh Dao, head of the listing management and appraisal department at the HCM City Stock Exchange. "These firms should try harder to improve their business results this year to free themselves from the alert."

Dao also reminded investors to look beyond the bottom line to the underlying causes of losses because "different firms suffered different levels of losses, and for different reasons, not only because they were doing business poorly."

A careful understanding of this matter would help investors find a proper way to earn a return amid the market turmoil, Dao said.

In Ha Noi yesterday, the HASTC-Index also plummeted by 2.24 percent to end the session at 88.01 points. Trading volume doubled Monday's figure to 4.4 million shares, worth VND82.6 billion ($4.7 million).



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BUSINESS IN BRIEF 17/2   2009-02-17