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Gloom pervades Hanoi, HCM City bourses
Adding to the gloomy atmosphere pervading both bourses yesterday the electronic board went blank in the first session.
With no end in sight to the VN-Index's downward trend following the US lawmakers' decision yesterday to reject a US$700 billion bailout plan of the private banking sector, markets fell across the globe.
The VN-Index shed 22.30 points to close at 456.7. All listed stocks saw their values fall.
Even before the current global crisis the VN Index, which was above 1,100 points in March 2007, had been in turmoil since October.
Of the 164 listed shares and fund certificates, the southern bourse saw 163 losers and one unchanged.
IMP (Imexpharm) was the only one to close at its reference price of VND90,000 per share with a total volume of more than 55,000 shares changing hands.
Among the largest fallers were STB (Sacombank), which fell VND1,200 per share to close at VND23,800; PPC (Pha Lai Thermal Power Plant), which slid VND1,700 to end the day at VND33,400 per share; and SSI (Sai Gon Securities Inc), which slipped VND2,500 to 54,000 per share.
VNM (Viet Nam Dairy Products Company) was the most active stock on the HCM City Stock Exchange with 459,930 shares changing hands to close at VND90,500 per share.
DHG (Hau Giang Pharmaceuticals) and BMC (Binh Dinh Minerals) both plunged VND6,000 to VND132,000 and VND117,000 respectively.
Le Dinh Ngoc (Thang Long Securities) said Vietnam was not immune to the global crisis and that Investors should be aware of development outside and inside the country.
According to analysts at SME Securities, September was a hard time for the global economy, which is facing high inflation and unemployment and slow economic growth.
They predicted that the world economy would begin showing signs of recovery towards the end of next year.
They also said disbursement of foreign-direct investment would become sluggish and that foreign financial institutions would reduce their investment in new emerging markets such as Vietnam.
Analysts at SME Securities warned investors to exercise caution when buying stock and that to minimise risks they should wait to see good business results for the third quarter.
Hoang Thach Lan from SME Securities in HCM City said there was little interaction between global markets and Vietnam which was therefore shielded from the worst effects of the crisis.
VNN
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