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Sell-off deals VN-Index harsh blows   2008-10-07 - Viet Nam News

Massive sell-offs deepened share prices yesterday amid continuing uncertainty of world financial markets.

The Ha Noi Securities Trading Centre HASTC-Index slid 8.64 points or 5.68 per cent to end at 143.38.

The VN-Index dropped down 18.43 points or 4.08 per cent to close at 433.71. Liquidity remained low, as trading volume increased slightly to 13.95 million shares for a total value of nearly VND490 billion (US$29.7 million).

Massive sales were seen for almost all codes, causing 147 codes to lose value on the HCM City Stock Exchange. The majority of stocks hit the floor, including major stocks such as Binh Dinh Minerals (BMC), Saigon Securities Inc (SSI) and the Corporation for Financing and Promoting Technology (FPT).

Only 10 codes were gainers and seven remained unchanged.

Sacombank (STB) was the most active for the day with 2.5 million shared traded, followed by Phu My Fertilisers (DPM) with about 841,000 shares and Hoa Phat Group with 705,000 units.

Foreign investors yesterday bought 1.78 million shares and unloaded 1.5 million units, with a net purchase value of VND6.64 billion ($402,000).

The Ha Noi Securities Trading Centre HASTC-Index slid 8.64 points or 5.68 per cent to end at 143.38. About 8.27 million shares changed hands with a total revenue of more than VND274 billion ($16.6 million).

Asia Commercial Bank (ACB) showed the most action on the northern bourse with orders for nearly 1 million shares. ACB was followed by Kim Long Securities (KLS) and Petroleum Technical Services Corp (PVS) with about 770,000 shares traded each.

Prime Minister Nguyen Tan Dung said late last week that the US financial crisis had not had a direct impact on the domestic economy, but that it had indirectly influenced finance, currency, commerce, services and foreign investment.

The global recession would lower the indirect investment flow into the local exchange as disbursement of international institutions might become sluggish, said Chairman of the State Securities Commission Vu Bang.

"The advantage is that the domestic economy has experienced difficulties for the past months, and the Government's measures have now taken effect," Bang said.

"Improving macro-level factors such as inflation, trade deficit, foreign direct investment, foreign currency reserves and declining world oil prices will help us be more active in managing the economy in the coming months," he said.

Bang added that the stock market had adjusted downwards sharply, so it would stay steady amid global fluctuation.

Analysts at EuroCapital Securities said from mid-October, the market would see a strong division of shares as companies released their third quarter business results.

The Prime Minister has asked the State Bank of Viet Nam to closely monitor activities of commercial banks in high-risk sectors, look into the bad debt situation, and finalise regulations on debt selling and purchasing in a move to ensure the stability and safety of the banking system.

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