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Investors keep powder dry before holidays   2010-12-24 - VNS

Investors watch electronic board at VNDirect Securities in Ha Noi. — VNS Photo Viet Thanh

Investors watch electronic board at VNDirect Securities in Ha Noi. — VNS Photo Viet Thanh

— Sell-off pressures remained strong among domestic investors on the HCM City Stock Exchange yesterday, while the approaching Christmas holiday appeared to cause foreign investors to back away from the market following a furry of buys last Monday, said a market analyst with a HCM City-based securities firm, Nguyen Cong Chinh.

Stocks fell for the second day in HCM City yesterday, pushing the VN-Index down by 1.27 per cent to a close of 475.41 points. The volume of trades also fell by 7.3 per cent to 57 million shares, worth VND1.4 trillion (US$66.7 million).

"A rumour that some foreign investment funds had intended to disburse capital into local stocks has been governing market sentiment, causing local investors to keep a close eye on foreign investor trading," Chinh said.

But when foreign buys dropped by half after Monday, investors became skeptical and hesitant, he added.

Foreign investors remained net buyers on the HCM City bourse yesterday, picking up nearly 4 million shares, worth a net of VND132.4 billion ($6.3 million).

Overall, Saigon Securities Inc (SSI) was the most-active share in trading on the southern market, but SSI declined by 1.29 per cent on the day to VND30,700 per share. About 75 per cent of listed codes followed suit, including PetroVietnam Finance (PVF), down 3.6 per cent; Masan Group (MSN), down 2.99 per cent; and insurer Bao Viet Holdings (BVH), down 2.88 per cent.

Chinh suggested that domestic investors would continue to wait on the end-of-year inflation data and further news on Vinashin's appeal for an extension from Credit Suisse to begin repaying some of its debt.

Kim Eng Viet Nam Securities Co analysts took a more positive mid- to long-term outlook. They said that a range of 459-468 would prove a new a resistance mark and suggested that investors begin reinvesting if the VN-Index fell below this level.

On the Ha Noi Stock Exchange yesterday, the HNX-Index dropped by 2.2 per cent to 111.22 points, with trading volume slowing to 40.8 million shares, worth a combined VND844 billion ($40.2 million). Kim Long Securities Co (KLS) was the most-active share, with 5.5 million traded.

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