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Tax indecision worries investors
Investors have become cautions with trading, as the income tax on securities trading is still up in the air.
This caution showed up in trading volume figures on Dec. 3, which stood at moderate 8.19 million shares, generating a turnover of 228.26 billion VND (13.58 million USD).
Only STB of Sacombank saw 1.4 million shares change hands, topping the market in trade volume. Other heavily-trade codes including SJS of Song Da Urban-IZ Investment and Development, SSI of Saigon Securities Inc, or VFMVF1 of Vietnam Investment Fund saw under 500,000 shares each.
“ There has been no final decision from the Assembly on delaying the personal income tax, including the tax on securities investment. It’s natural that we would be cautious with securities trading,” said veteran investor Dao Kieu Anh in Hanoi who has been trading since 2004.
This caution also restrained the purchase of blue chips, helping some big stocks rebound slightly on Dec. 3. Although this did not help keep the VN-Index from falling, it did soften the blow.
At closing, VN-Index was down just 0.40 percent to 306.22 points.
“ Helping the slight reduction of the VN-Index was the slight rebound of some blue chips, , including VNM of dairy producer Vinamilk, PVF of the financial institution PetroVietnam Finance, and HPG of plastic producer Hoa Phat Group.
Overseas clients also reduced their trading on the local exchange, buying just 901,925 million shares and selling 1.56 million.
According to recent data from the Vietnam Securities Depository Centre, the local exchange in November welcomed 90 new foreigners, which meant it was somewhat promising for overseas clients in the context of the global crisis.
Looking north to the Hanoi Securities Trading Centre, the HASSTC-Index rebounded on Dec. 3 to 104.16, a slight increase of 0.66 percent. The market’s trading volume rose to 6.27 million shares worth 158.73 billion VND (9.45 million USD) from 5.05 million on Dec. 2. According to brokers at An Binh Securities, the wider trading band of 7 percent helped the index gain slightly as investors attempted to bring it above the 100-point mark.
VNA
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