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HCM City stocks fall on sluggish trading
The VN-Index yesterday slid 1.43 points, or 0.46 per cent, to close at 311.91, as trading remained sluggish. Volume on the HCM City Stock Exchange was only 7.3 million shares, worth VND190.6 billion (US$11.2 million).
Saigon Securities Inc (SSI) was the most active share on the day, although with only 717,000 traded.
Ha Noi Securities wrote in a report yesterday that official policies issued to stabilise the economy and support market growth had failed to motivate investors.
"Actual moves show that mixed developments will continue in the short term," the report said. "With foreign clients accelerating purchases over the last few weeks, investors should have a more long-term view."
Foreign investors were net buyers of 710,000 shares in yesterday's trading, with a net value of VND26.3 billion ($1.5 million).
EuroCapital Securities analysts said that the domestic economy in 2009 would see significant impacts from the global economic downturn, particularly reflected in slowed growth of gross domestic product, exports and business performance.
These conditions would hinder stock market development, they said, predicting further monetary and fiscal policies related to interest rates, exchange rates and taxes to be applied this year in an ongoing effort to stablise the economy as well as the stock market.
Trang An Securities chairman Le Ho Khoi said this year would offer opportunities to securities investors as share prices have slumped deeply. Meanwhile, gold and foreign currency markets were still fraught with risks, and the real-estate market remained stagnant.
"Of course, investors should only expect reasonable profit levels," Khoi cautioned.
Vincom Securities chairman Dinh Quang Nuong said that capital flows into the domestic stock market this year were "an unknown", noting that 2008's ups and downs had made domestic investors highly cautious, while "foreign investors had many concerns outside Viet Nam".
"In 2009, the stock market may not grow strongly, but it will develop in depth," said Nuong. "Market development is not reflected only in stock indices, but also in investor experience."
In Ha Noi yesterday, the HASTC-Index closed 0.66 per cent lower at 103.78 points on a trading volume of 3.4 million shares and a turnover of about VND68 billion ($4 million). Most-active share Asia Commercial Bank (ACB) generated orders for only 585,000 shares.
Viet Nam News
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