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HCMC, Hanoi slump affect OTC market
The informal over-the-counter (OTC) market has remained frozen for the last two months due to the losses on the Ho Chi Minh and Hanoi stock exchanges, brokers said.
Even shares of companies with good results in the year to date, such as real estate firm Intresco, construction firm Licogi 16, and Development Investment Construction Corporation, have suffered the same fate.
Vu Van Ha, deputy head of investment at Au Viet Securities Company, said only brokers, some organizations and banks now traded on the market.
“OTC shares no longer interest individual investors due to the low market liquidity,” he said.
“Moreover, individual investors now see many listed shares are cheap and easier to trade.
“As a result, even when the stock exchange rebounds, the OTC market will not react immediately.”
An experienced OTC broker named Van said she did not do a single transaction in the last month.
Only a few shares, like the Vietnam Export-Import Commercial Joint Stock Bank (Eximbank) and the Military Bank, are changing hands.
The OTC market in Vietnam is now unregulated. The Hanoi Securities Trading Center is preparing to open an official OTC market this year-end.
Once the regulated OTC market opens, it is expected to help increase market transparency and reduce investors’ risks, becoming, as a result, more attractive.
Mai Phuong
Thanh nien
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