Stock market turns 8

HCM City (VNA) - Ho Chi Minh City stock market on July 28 celebrated its eighth anniversary. The exchange saw much development over the last eight years.

According to the State Securities Commission, 295 firms appeared on HCM CityStock Exchange as of June 2008.

This figure represented a total market capitalisation of 216.41 trillion VND(13.11 billion USD), accounting for 18.98 percent of the GDP last year.

>From 400 accounts in 2000, the stock exchange now has 430,000 accounts. It also saw about 4-5 billion USD indirect investment capital flowing in,making up 30 percent of total market capitalisation.

Le Ho Khoi, Director of Trang An Securities, said that the stock market after eight years achieved significant success. However, it is now goingthrough a tough period along with the general economy.

"Market members now need psychological stability to overcome thesedifficulties," Khoi said.

Le Thanh Binh, Deputy Head of the commission's market development department, pledged that the commission would continue its target this year, including a revision of Securities Law, construction of other securities markets, and tighter supervision.-Enditem