Stocks Tread Water As They Wait For SCIC To Act

After two days of marginal gains, the VN-Index lost 3.8 points yesterday to close at 643.8.

In Ha Noi, the HASTC-Index slid 2.82 points to finish the day 224.69.

Volumes fell slightly at both bourses, with HCM City clocking up 9.22 million shares and Ha Noi 3.41 million.

However, the market had opened fairly strongly and finished the first session at xxx points as sellers seemed to keep away. Many trades were done at opening prices.

The most traded stocks during the day were Sacombank (STB) and SSI (Saigon Securities), both with over 790,000 shares, a sharp decline from the previous day.

Towards the close of the session, relatively large buying came in Phu My Fertilizer and Chemicals though volumes were only reached 30 of yesterday’s.

The index, which had plummeted to well below 600 a couple of weeks ago, has recovered somewhat after the government announced that the State Capital Investment Cooperation (SCIC) would invest in the market.

There was a further announcement yesterday that the SCIC would buy stocks mortgaged to banks on which investors failed to meet margin calls.

Analysts said the market was now hopeful of a further recovery and that bears were in retreat for the moment.

By Tuong Chau – Translated by Phuong Lan

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