ID :
32380
Wed, 11/26/2008 - 09:26
Auther :
Shortlink :
http://m.oananews.org//node/32380
The shortlink copeid
Index treads water on low demand
Hanoi (VNA) - The VN-Index largely held its ground in Nov. 24's trading on
the HCM Stock Exchange, although demand remained sluggish.
The VN-Index shed a mere 1.03 points, or 0.32 percent, to close at 317.93.
but trading volume dropped a substantial 30.8 percent from the previous
trading day. Only about 13 million shares changed hands, for a turnover of
354.27 billion VND (21.5 million USD).
Most codes saw minimal activity, except for Sacombank (STB), with orders for
2.75 million shares.
Among blue chips, FPT, Vincom Joint Stock Co (VIC) and PetroVietnam Drilling
(PVD) increased slightly, while PetroVietnam Finance (PVF), Pha Lai Thermal
Power (PPC) and Vinamilk (VNM) all declined.
Foreign investor transaction levels were also modest, with 1.6 million units
sold and only 605,000 shares bought. Net sales values reached 27.7 billion
VND (1.7 million USD) for the day.
The Vietnam International Securities (VIS) analyst department said that
investors remained unconvinced by recent Government efforts - such as prime
rate cuts - to support the domestic market and economy but were paying a
great deal of attention to global developments.
"There's little motive for the market to go up this week," said VIS
analysts. "The US economy faces recession and needs more rescue plans."
"The market is still in a downward trend, as the world financial crisis,
especially the US situation, has not seen a clear way out," wrote Dai
Viet Securities in a report. "However, it is not likely that the market will
slump sharply further; an overly depressed market would stimulate investors
'greed'.
The An Binh Securities analysis department expected the VN-Index to be
steady, ranging between 313 and 342 this week. It noted that the market was
still feeling significant pressure from foreign investor sales.
"The only bright point for the market in the current downtrend is the
improvement in trading values," said a Hanoi Securities report. "This shows
that many investors are waiting for opportunities and ready to enter the
market.
In Hanoi Nov. 24, the HASTC-Index also held steady, gaining a mere 0.59
percent to end the day at 104.51 points. About 7.5 million shares changed
hands for a total value of nearly 159 billion VND (9.6 million USD).
Asia Commercial Bank (ACB) led the northern market but with only 792,000
shares, followed by Kim Long Securities (KLS) with 732,000 shares
traded.-Enditem
the HCM Stock Exchange, although demand remained sluggish.
The VN-Index shed a mere 1.03 points, or 0.32 percent, to close at 317.93.
but trading volume dropped a substantial 30.8 percent from the previous
trading day. Only about 13 million shares changed hands, for a turnover of
354.27 billion VND (21.5 million USD).
Most codes saw minimal activity, except for Sacombank (STB), with orders for
2.75 million shares.
Among blue chips, FPT, Vincom Joint Stock Co (VIC) and PetroVietnam Drilling
(PVD) increased slightly, while PetroVietnam Finance (PVF), Pha Lai Thermal
Power (PPC) and Vinamilk (VNM) all declined.
Foreign investor transaction levels were also modest, with 1.6 million units
sold and only 605,000 shares bought. Net sales values reached 27.7 billion
VND (1.7 million USD) for the day.
The Vietnam International Securities (VIS) analyst department said that
investors remained unconvinced by recent Government efforts - such as prime
rate cuts - to support the domestic market and economy but were paying a
great deal of attention to global developments.
"There's little motive for the market to go up this week," said VIS
analysts. "The US economy faces recession and needs more rescue plans."
"The market is still in a downward trend, as the world financial crisis,
especially the US situation, has not seen a clear way out," wrote Dai
Viet Securities in a report. "However, it is not likely that the market will
slump sharply further; an overly depressed market would stimulate investors
'greed'.
The An Binh Securities analysis department expected the VN-Index to be
steady, ranging between 313 and 342 this week. It noted that the market was
still feeling significant pressure from foreign investor sales.
"The only bright point for the market in the current downtrend is the
improvement in trading values," said a Hanoi Securities report. "This shows
that many investors are waiting for opportunities and ready to enter the
market.
In Hanoi Nov. 24, the HASTC-Index also held steady, gaining a mere 0.59
percent to end the day at 104.51 points. About 7.5 million shares changed
hands for a total value of nearly 159 billion VND (9.6 million USD).
Asia Commercial Bank (ACB) led the northern market but with only 792,000
shares, followed by Kim Long Securities (KLS) with 732,000 shares
traded.-Enditem
