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Market to be resurrected by upcoming listings
The Hanoi and HCM City bourses are expected to welcome nearly 50 new companies through early 2009, including big names. This is expected to create a new driving force for the market.
The 50 companies include big names like Hoang Anh Gia Lai, Hoa Sen Group, and Ha Tien II.
Tran Anh Dao, Director of the Listing Management and Inspection Division under the HCM City Stock Exchange, said that the stock exchange is considering 20 more applications for listing.
Phan Anh Tuan, Head of the Analysis and Investment Division of Vincom Securities Company, said that the listing of the 50 companies should be seen as a good thing as the stock market will have a bigger scale, while investors will have more share items to choose from.
Truong Duy Khiem, Director of Le Ngo Cat branch of ACB Securities Company, said that companies will be able to improve the liquidity of their shares when they list on the official bourse, as the OTC market has been freezing. However, Khiem said that the impacts of listing on the VN Index will still depend on the debut prices of shares.
KHiem has advised companies not to set overly high prices for their debuts. Mirae debuted at the HCM City bourse at the price of VND48,000/share, but the price has continuously decreased in the last 36 trading sessions to VND16,100/share.
Phan Anh Tuan from Vincom said that if the prices are overly high, investors will push up selling, resulting in sharp price falls.
PL TPHCM
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