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HCMC shares end flat on thin volume
Ho Chi Minh City stocks Monday failed to extend Friday’s rally, ending flat as investors’ waited for signals from the US and signs the local market has stabilized.
The VN-Index, a gauge of 167 firms and four closed-end funds, ended down 0.01 percent at 314.71 points.
Trading volume plummeted to around 11.2 million shares from Friday’s 13 million as 70 advanced, 64 dropped and 37 remained unchanged. The index has lost 66 percent of its value this year.
“Many long-term investors are staying on the sidelines as they do not dare to invest in a market which is yet to stabilize, while some other longtime investors, who suffered losses before, now have no money to pour into the market,” Nguyen Manh Toan, deputy CEO of HCMC-based VinaGlobal Securities Corporation, told Thanh Nien Daily.
“Day traders, meanwhile, remain cautious and have sold shares today to take some profit from Friday’s rebound,” said Toan.
He also said both long-time and short-time investors were looking to see if US lawmakers would agree to a US$25 billion rescue plan due to be presented this week by the head of the Big Three automakers - General Motors, Ford and Chrysler.
“Vietnam’s economy is facing a downturn like many other countries in the world. And we expect it will only recover gradually from the year 2010,” Bloomberg quoted Nguyen Hai Ha, investment director of Hanoi Fund Management as saying.
“I expect the market will start stabilizing by the end of the first quarter.
“The local market has showed volatility in recent months, mainly driven by the fears of investors amid the global financial crisis.
“In the short-term, the market will still be gloomy and investors will continue to trade very cautiously.”
Saigon Beverages Joint-Stock Company, known as Tribeco, fell VND400, or 4.8 percent, to close at VND8,000. Citigroup Global Market Ltd. has sold 104,680 shares, to slash its holding to 445,660 shares, according to a statement filed on the exchange’s website after the market closed last week.
Ben Tre Forestry and Aquaproduct Import Export Joint-Stock Company, dropped VND600, or 3.8 percent, to close at VND15,400. Chairman Nguyen Quoc Toan registered to sell 364,850 shares, his entire holding, from today to December 31, according to the website.
Can Tho Techno-Agricultural Supplies Joint-Stock Company, one of Vietnam's biggest fertilizer importers climbed VND1,700, or the daily allowed limit of 5 percent, to 35,900 at the close. The firm has decided to delay the sale of 7.8 million additional shares.
“This is not a favorable time,” the company said in a statement posted on the bourse’s website, without giving any timing for the sale plan.
Thao Vi
Thanh nien
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