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After five upward sessions, VN-Index dips   2008-08-29 - Viet Nam News

The VN-Index ended a run of five consecutive upward sessions yesterday by falling 14.16 points to close at 547.69 points. A record volume of more than 36.7 million shares changed hands worth more than VND1.6 trillion (US$97 million).

In Hanoi, the HASTC-Index was also down 4.91 points to end the day at 185.15 points.

Of the listed shares and fund certificates on the HCM City Stock Exchange, there were 38 gainers, 117 losers - and five remained unchanged.

Strong increases were seen in Song Da Urban & Industrial Zone Investment and Development Joint Stock Company (SJS). Shares rose by VND6,000 to stand at VND129,000.

This was followed by shares in the Corporation for Financing and Promoting Technology (FPT), which rose VND5,000 to close at VND121,000, and shares in Saigon Securities Inc (SSI) were up VND3,000 to end at VND64,000.

Decreases were also recorded for TCT, BMC, SGH and VSC.

Blue chip stocks mostly went down, including Sacombank (STB), Phu My Fertiliser (DPM), Hoa Phat Group (HPG), Tan Tao Industrial Corporation (ITA), Pha Lai Thermal Power Plant (PPC) and Petro Drilling (PVD).

Heavily-traded stocks included STB with 4.72 million shares, SAM (2.99 million) and SSI (2.19 million shares).

The decline of the VN-Index was attributed to a large volume of shares sold by investors who want to regroup after making profit. However, buy orders remained great, making the market boisterous with high liquidity, said Quang Minh an investor in APEC Securities.

Minh said the large buying volume was due to lowered petroleum prices, August's lower consumer price index, a trade deficit that showed signs of going down - and a high record of FDI pouring into the country.

Concerning the recent upward trend, Lam Minh Chanh, general director of Dai Viet Securities, said good news from the macro economy had made an active impact on the market.

However, he was concerned that in recent trading sessions, while most shares hit ceiling prices, there were no sellers because of expectations of even higher prices. He felt that if the stock market continued to run like this, the market would experience adjustments for a long period of time.

Le Dat Chi, an individual analyst, also attributed the upward tendency to the improving economy. However, he noted that investors still rushed to buy shares without considering they would expose themselves to higher risk.

In Hanoi, the HASTC-Index was also down 4.91 points to end the day at 185.15 points. A high volume of 19.9 million shares changed hands.

Kim Long Securities was the most active with 3.25 million shares changing hands. It was followed by Bim Son Cement (BCC) with 2.02 million shares, Song Da 7 with 1.09 million shares and ACB with 1.086 million shares.

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