Aug. 20: Market needs more time to build steam

Upward momentum took hold Wednesday and such a move would normally be the start of a new strong rally. But with global markets being somewhat overstretched and the Chinese markets in a tailspin, it could take a bit more time for the rally to get underway. We are nearing the closing high of the index in June and that level could prove to be a tough hurdle.

It therefore remains to be seen whether buying enthusiasm is strong enough to push equity prices higher. We have to do it ourselves, as we are most probably not going to get a lot of help from foreign investors. And in order to do it, we are probably going to need some positive news. Externally, a dramatic correction in Chinese stocks could spoil the potential fun in the Vietnamese market.

Johan Kruimer

Head of Brokerage at Ho Chi Minh City Securities Corporation (HSC)

thanhnien

>   ICG: Result of transaction of connected person (20/08/2009)

>   ICG: Notice of transaction of connected person (20/08/2009)

>   HNM: Notice of delay in submission of financial statement (20/08/2009)

>   DC4: Notice of transaction of Directors, PDMR (20/08/2009)

>   DC4: Notice of transaction of connected person (20/08/2009)

>   KKC: Result of transactions of Directors, PDMR (20/08/2009)

>   KKC: Notice of transaction of Directors, PDMR (20/08/2009)

>   KKC: Notice of transaction of Directors, PDMR (20/08/2009)

>   DAD: Notice of transaction of connected person (20/08/2009)

>   TBX: Result of transaction of principal shareholder (Mr. Thanh) (20/08/2009)