Index treads water on sluggish trades

Stocks held their ground in HCM City yesterday, with the VN-Index picking up a modest 2.08 points to close at 288.93, although trading volume remained small.

In Ha Noi yesterday, the HASTC-Index also closed up a modest 1.63 points to end the trading day at 101.8 8.

The day's trading saw 92 advancers, 53 losers and 26 codes unchanged, with a number of blue chips managing to post gains, including Vinamilk (VNM), up VND3,000 to VND78,000; Vincom (VIC), up VND1,000 to VND79,000; and FPT, up VND900 to close at VND48,200 per share.

Sacombank (STB) remained the most-active share, with more than 1.5 million changing hands, followed by Saigon Securities (SSI) at 620,00 shares and PetroVietnam Finance (PVF) at only 290,000.

Foreign investors managed again to become net buyers of about 817,770, or nearly 11 per cent of the day's total trading volume on the HCM City Stock Exchange.

FPT Capital general director Phan Duc Trung said that the Viet Nam stock market would not run counter to what global markets were doing. Sales volumes would likely remain larger than buy volumes, and investors would avoid putting money in the market with the VN-Index below 300.

In particular, Trung said, the depressed VN-Index had caused investors to have low confidence in the management of companies in which the State owns a controlling interest.

But he predicted the market would continue to be a safe investment for investors willing to ride out the current difficulties.

In Ha Noi yesterday, the HASTC-Index also closed up a modest 1.63 points to end the trading day at 101.8 8.

Trading volume equalled Wednesday's one of nearly 6.1 million shares for a total turnover of VND130.7 billion.

Advancers and decliners were nearly evenly divided, with 65 gainers and 67 losers on the day and 32 codes unchanged or inactive.

Kim Long Securities (KLS) was the most active share on the northern bourse with 1.29 million shares changing hands, followed by Asia Commercial Bank (ACB) with more than 1 million shares traded.

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