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Index slumps as investors dabble in penny stocks   2009-01-14 - Viet Nam News

The VN-Index continued slumping again yesterday, closing down 1.62 per cent to 307.13, with most activity again centered on small caps like Ha Nam Mineral (KSH), Chau Thoi Concrete No 6 (BT6) and Saigon Fishing Net (SFN).

"Trading in penny stocks suggests that investors are not yet ready to engage in securities investment this year," said an analyst at Kim Long Securities Co, who asked to remain anonymous. "They earn just enough money to pay the 0.1 per cent tax on each transaction and to have a cup of coffee".

Rumours circulated again in the mass media in recent days that the Government may delay on the implementation of the tax had little noticeable effect on the market, with the anonymous analyst saying most investors were taking a wait-and-see attitude.

"They always say it's possible they'll delay it," said Hoang Nguyen Hoc, an investor with Tan Viet Securities. "But the end result is another thing".

The HCM City Stock Exchange did see a slightly improved volume yesterday, with 7.67 million shares changing hands, worth VND174.9 billion (about US$10 million).

Most-active share Sacombank (STB) recorded a modest volume of 686,040 shares, closely followed by runner-up Saigon Securities Inc (SSI) with 605,330 shares.

The most-watched factor, overseas investors, saw them again becoming net sellers, although just barely: they sold 1.47 million shares while buying 1.43 million.

In Ha Noi yesterday, the HASTC-Index also slipped 1.40 per cent to close at 104.23, on a moderate volume of 3.85 million shares, worth just VND84.23 billion ($4.8 million). Asia Commercial Bank (ACB) accounted for VND18.5 billion ($1.1 million) worth of the day's trading value.

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