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Markets react with indifference to news of double-digit inflation   2010-12-25 - VNS

Stock indices barely registered a reaction yesterday to the announcement from the General Statistics Office that Viet Nam saw double-digit inflation of 11.75 per cent this year, with inflation in December alone of 1.98 per cent.


"It isn't a big news," said Nguyen Thi Thoa, an investor with VPBank Securities Co. "The double-digit inflation was forecast and the concerns over it reflected in previous corrections."


Thoa said that market sentiment was similar to the reaction to November inflation figures a month ago.


"But, on November 24, the VN-Index was at only 420 points and share prices fell further," she said. "Today, the Index remained above 470, which meant investors didn't have as many losses to cut or any negative motivation."


On the HCM City Stock Exchange yesterday, the VN-Index declined, but only by a modest 0.56 per cent to 472.76 points. The value of trades reached VND1.4 trillion (US$66.7 million) on a volume of 55.8 million shares.


ITC Investment and Real Estate Trading Co (ITC) was the most-active share, with 2.6 million traded, following the announcement by the Vietnam Azalea Fund that it would buy 2.9 million shares to increase its stake in ITC from 5.67 to 10 per cent.


Nguyen Thanh Tam, head of investment at a Ha Noi-based securities company, said the market had not seen any share dumping, yet the VN-Index had not broken a psychological barrier.


"This means local investors are neglecting stock investments," Tam said, noting as well the dropping trading volume over the past days.


Among leading shares, insurer Bao Viet Holdings (BVH) had the worst day, sinking by 4.44 per cent.


On the Ha Noi Stock Exchange, the HNX-Index closed essentially unchanged at 111.19 points. Volume remained modest with 30.9 million shares changing hands, worth a total of VND592.9 billion ($28.2 million).


Kim Long Securities Co (KLS) was the most-active stock, with 2.9 million traded, while Bao Viet Securities Co (BVS) had the most substantial decline of the day, losing 3.41 per cent of its value.


Foreign investors yesterday further slowed buys on the HCM City market, picking up only 1.1 million shares worth VND80.1 billion ($3.8 million). They turned net sellers in Ha Noi, selling off 89,500 shares worth a net of VND1.4 billion ($66,700).

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