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Purchasing shares on OTC market
It is quite strange that many investors do not intend to purchase shares listed on the official bourse. They are now looking to shop on the OTC market.
The sellers and the buyers of listed shares are making transactions under the mode of direct negotiations and at the negotiated prices. In most cases, the sale prices are the average floor prices of the official bourse the week just before the negotiations.
The listed shares offered for sale on the OTC markets are the ones that have the best liquidity on the official bourse, including DPM, SSI or STB.
Meanwhile, the sale of OTC shares on the OTC market is still going very slowly. Even the shares of big banks like Eximbank and Dong A cannot find buyers. Vietcombank’s shares are now going for VND31-32,000/share, much lower than the IPO average price of VND106,000.
The price of ABBank’s shares has not seen any improvement even though the bank sold stakes at high prices to Maybank.
The slow OTC market shows that investors are still worried about the impacts of the tightened monetary policies on commercial banks.
Analysts say that if investors buy shares of several big banks like VP bank or Military Bank at this moment, they will have opportunities to own the stakes at surprisingly low prices. Financial reports show that the business results of the banks in the first quarter of the year proved to be very satisfactory.
Non-bank shares, including Binh Chanh Construction Company (BCCI) and Tam Phuoc Industrial Zone, have been asked after by an institutional investor. PetroVietnam Finance Company’s shares are being offered at VND17,000/share.
The OTC market is expected to become operational and put under the state’s control in mid 2008. State management agencies say that they are finalising necessary works to put the market into operation on schedule. The list of the first companies listing on the OTC market will be wrapped up and made public as soon as possible.
VNN
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