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Markets track Wall Street decline
The VN-Index continued hovering just above 580 yesterday, backing off from Tuesday’s modest gains by an equally modest 0.29 per cent to close at 580.9.
"Such fluctuations are normal for a market which has achieved substantial growth for long period of time," said Tran Huy Hoang, a broker in central Da Nang City. "Share prices are profitable for those seeking to realise gains, though financial shares are not as attractive as before."
The value of trades on the HCM City Stock Exchange yesterday topped VND3.6 trillion (US$202.24 million), on a volume of nearly 72 million shares, maintaining an ongoing recent pattern of brisk daily activity.
Sacombank (STB) continued as most-active share, with 5.4 million traded.
On Ha Noi Stock Exchange, the HNX-Index ended yesterday off by 0.43 per cent to 184.29. The value of the day’s trades on the northern bourse was VND1.6 trillion ($90 million), on a volume of 40.3 million shares.
Kim Long Securities (KLS) racked up a third sesion as most active stock on the Ha Noi exchange, having 3.8 million shares changing hands.
Saigon Securities Inc general director Nguyen Duy Hung noted that the stock market was becoming even more active than its peak in 2007, when average trading values on both exchanges totalled VND5.3 trillion ($297.8 million).
As both markets seem to be active, but hovering between excited investors buying in and profit-takers cashing out, Hoang said that domestic investors have lacked any dispositive news locally and have begun keeping a closer eye on global markets. He noted that a decline on Wall Street overnight on Tuesday led to a stronger sell-off yesterday morning.
Manulife Viet Nam Fund Management told bloomberg.com that Viet Nam’s corporate earnings might rise by about 20 per cent in 2010, helping Viet Nam retain its place at Asia’s best-performing stock market over the past six months.
But market development would be more stable once listed enterprises would be able to mobilise more capital for production from stock issues, Hung commented.
Vietnam News
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