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VN-Index in soft fall as world rallies
Hope for a feasible and comprehensive rescue plan for global financial market encouraged international and domestic investors yesterday.
Most Asian stocks bounced back from a four-year low yesterday, after global policy makers took bold steps to rescue the financial system, such as guaranteeing bank deposits and taking stakes in banks.
In Viet Nam, the VN-Index declined 1.95 per cent to 371.67. However, the decline was softer than that last week.
The HCM City Stock Exchange (HOSE) saw 46 codes gain, 102 codes slide and the remainder stay the same. Compared to last Friday, the number of gaining codes increased nine fold.
Prominent gaining codes were Vincom (VIC), Vinpearl (VPL) and Tay Ninh Cable Tour Car (TCT).
Other strong stocks such as Sacombank (STB), Hoa Phat Group (HPG) or Cable and Telecom Materials (SAM) saw the most action during the trading session, with 1.6 million, 805,920 and 825,440 shares changing hands respectively.
The market trading volume stayed high at 12.50 million shares worth VND370.71 billion (US$22.07 million).
Local investors are extremely worried about the impact of financial turmoil to Viet Nam, and therefore are acting accordingly. Meanwhile, the actual domestic economic situation is now quite good, which proves that the impact is simply due to the mind-set of investors. These were the general sentiments of representatives from investment funds and securities firms at a recent meeting.
"It is now more important than anything that investors keep calm, and be pragmatic when making any decision about their investment in the stock exchange," said HOSE's director Tran Dac Sinh.
Overseas clients bought 1.02 million shares and sold 2.87 million shares. The sector targeted their purchases toward select blue chips such as VSH of Vinh Son-Song Hinh Hydro Power, HPG and Phu My Fertiliser (DPM).
In Ha Noi Securities Trading Centre, the HASTC-Index dropped a slight 0.44 per cent to 119.34. The centre's trading volume yesterday was 6.83 million shares worth 188.85 billion ($11.24 million).
Kim Long Securities (KLS) was the most active with 911,300 shares changing hands. It was followed by Asia Commercial Bank (ACB) with 454,400 shares, and PetroVietnam Insurance (PVI) with 448,400 shares.
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