New share issues weigh on VN-Index

Hanoi (VNA) - Global economic uncertainty and a surfeit of new share listing
continued to be a drag on the domestic stock market on Nov. 12, with the
VN-Index sliding 9.38 points, or 2.67 percent, to close at 342.33.

With 41 gainers and 102 decliners, trading saw a volume of 14.68 million
shares and generated a turnover of 492.7 billion VND (29.3 million USD).

Vietnam International Securities (VIS) Co analysts said negative development
globally was continuing to impact the local exchange.

"Major US financial groups such as AIG, Fannie Mae and Goldman Sachs
having posted losses in the third quarter shows that the US credit crisis
has not ended," the VIS analysis department said. "Macro-economic indices
of many developed industrial nations getting worse also deepens risks of
economic recession."

Closer to home, the market continues to be burdened by an overabundance of
shares, and new shares entering the market on Nov. 12 flopped big time.
Nearly 19.7 million shares of Ha Nam Mineral Joint Stock Co (KSH) hit the
floor in their first day of trading, ending the session at 20,000 VND (1.20
USD) per share. Shares of Basa Joint Stock Co (BAS) saw a similar fate.

Sacombank (STB) continued to hold its position as most active share, with
2.5 million traded, followed by Cable and Telecom Materials (SAM) at 875,000
shares traded and Phu My Fertilisers (DPM) at 724,000.

Foreign investors once again appeared to be bailing on the market, buying
only about a million shares while unloading another 4.2 million. Net sales
value more than quadrupled on the day to 115.52 billion VND (6.8 million
USD).

In Hanoi, the HASTC-Index rose slightly, gaining 0.62 percent to close at
113.01 on a trading volume of 10.8 million shares and a total value of
around 302 billion VND (18 million USD). Seventy-nine codes posted gains
while 58 declined.-Enditem