VN-Index Slides Further, Scaring Off Small Investors

Another rapid drop of the VN-Index and many stocks has scared off many small investors who started dropping stock at low prices en masse, causing the VN-Index to shed 28.34 more points to close at 850.07 this morning - 132 stocks fell, of which 57 dropped to their lower limits.

The VN-Index dumps another load today

FPT Corporation (FPT) declined VND10,000 with over 400,000 shares changing hands. Vinamilk (VNM) shed VND8,000 with 201,610 shares sold. Pha Lai Thermal Power (PPC) shed VND2,500 on 320,030 shares traded and Vinh Son Hydropower (VSH) lost VND2,200 on 100,000 shares.
Blue chips in the same boat included Binh Minh Plastic (BMP), Ha Tien 1 (HT1), Kinh Do Food (KDC), Minh Phu Seafood Import-Export (MPC), Petrolimex Gas (PGC), Petro Vietnam Drilling and Well Services (PVT), Sacombank (SAM), Thanh Cong Textile Garment (TCM), Thu Duc House (TDH) and Viet Nam Petroleum Transport (VIP).
A glimmer of hope appeared for a bit when some stocks suddenly soared. Alphanam (ALP), Nam Viet - Navico (ANV) and Hasico (HAS) rose to their upper limits and dumbstruck some investors.
Though prices plummeted, today’s trading value reached VND940 billion (US$58.75 million), up 50 percent over yesterday with over 10.6 million shares trading hands.
Though the ongoing slide frightened the wits out of small investors, cheap stock hunters cleaned up.
The market is forecast to recover before the lunar new year when volume traditionally increases.

By Tuong Chau – Translated by Yen Chuong

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