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VN-Index sags on slow Christmas
The VN-Index yesterday slid 1.86 points, or 0.61 per cent, to close its Christmas Day session at 302.19.
Trading volume shriveled 22.7 per cent to only about 9 million shares for a total value of VND217.34 billion (US$13.2 million).
Market leader Sacombank (STB) managed to generate orders for only 806,000 shares, while its runner-up as most active share, Huu Lien Asia Joint Stock Co (HLA), saw orders for only 471,000.
Foreign investors continued to be net buyers, picking up a net of about 352,000 shares, but the net value of VND12 billion ($727,000) was way off from Wednesday's VND37 billion ($2.2 million).
Vu Hoai Chang, head of the SME Securities Co analysis department, said sluggish trading yesterday was partly due to foreign investors activity slowed by the Christmas holiday.
Vincom Securities chairman Dinh Quang Nuong said it was unlikely that the market would see strong increases due to economic instability, citing declining exports - a key motivator for growth - and the risk that lower interest rates would negatively affect the performance of banks.
"Policies to stimulate consumer demand through public investment and spending have not been clear and need time to take effect," Nuong said. "Support from foreign demand is not much expected next year."
He suggested investors should not have overly-high hopes of market growth in the first quarter of 2009 but be cautious in selecting investment portfolios next year.
On the other hand, Nuong said: "No deep market slumps are expected in the coming weeks as long as there is no bad news."
The pressure of trade deficit would ease next year, he added, with imports likely to decrease on falling demand and a weaker dong expected to boost exports. The State Bank of Viet Nam moved the dong down 3 per cent against the dollar in interbank transactions in a move to boost exports and manage the international balance of payments.
In Ha Noi yesterday, the HASTC-Index closed up 0.59 per cent to 104.97 points, on a volume of 7.3 million shares and a turnover of VND288.5 billion ($17.5 million).
Asia Commercial Bank (ACB) led the northern exchange with 1.9 million shares changing hands, followed by Kinh Bac Urban Development (KBC) with 1.7 million shares.
Viet Nam News
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