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Market rally ends on profit-taking   2009-03-31 - VietNamNet/Viet Nam News

The VN-Index fell back in yesterday's trading, losing 1.75 per cent to end the day at 282.38, as investors shifted to profit-taking following last week's five-day rally.

In Ha Noi yesterday, the HASTC-Index also declined 1.24 per cent to end yesterday's session at 97.35.

Decliners outnumbered gainers by 106 to 46, while trading volume remained brisk, at 25.3 million shares. Total value of the day's trades reached VND605.8 billion (US$34.6 million), with Sacombank (STB) once again holding down the spot as most-active share, with 2.4 million traded.

Activity was also heavy in shares of Saigon Securities the (SSI) and Tan Tao Industrial Park (ITA), with 1.6 million traded each.

Foreign investors continued as net buyers of 537,170 shares, for a net value of VND18.9 billion ($1.1 million).

"In the last two weeks, overseas investment funds have begun buying a significant quantity of blue chips, demonstrating a trend of share accumulation by this sector," said Tran Quoc Cuong, head of the brokerage department at the Ha Noi branch of HCM City Securities Co.

These investors wanted to take advantage of cheap share prices, Cuong said, forecasting that buys by this sector could continue for another couple of weeks.

Meanwhile, local investors shifted to profit-taking mode, attempting to realise gains accumulated last week. "A new trend in investment is being established," said Ha Noi Securities Co. "Investors will take profits even after just a short accumulation."

Investors had changed their tactics in securities investment to reserve their remaining capital and to minimise losses in a context of attractive share prices but ongoing economic uncertainty, the firm said.

In Ha Noi yesterday, the HASTC-Index also declined 1.24 per cent to end yesterday's session at 97.35. Market volume maintained high, at 10.24 million shares worth VND215.39 billion ($12.3 million).

Asia Commercial Bank (ACB) was the most-active stock with 2 million traded, followed closely by Kim Long Securities (KLS) with 1.7 million.

Under observation

Late last week, Ha Noi Securities Trading Centre announced that it had placed VNECO 1 Electricity Construction (VE1) under observation due to its losses in 2008, marking the first such case on the northern market.

According to financial statements submitted to the centre, the company lost VND10.9 billion ($622,857) in 2008.

Nguyen Vu Quang Trung, deputy director of the centre, said that listed firms would be put into observation when audited financial statements reflect losses.

A securities analyst from Tan Viet Securities, who asked to have his name withheld, said that VNECO 1 would not be the only company put under observation in Ha Noi.

"The centre should also clarify the reasons for the losses," he said. VE1 yesterday closed down 2 per cent to VND5,000.

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