Yet Another Morose Day at the Bourse

Stock trading volume and value continued to drop again on the Vietnamese stock market today as few traders bothered trading, blue chips held their ground but failed to advance, and the VN-Index sagged another 1.75 points to 974.46.

Another morose day at the bourse

Over six million shares worth VND605 billion changed hands this morning. Investor balked at even trading in 15 blue chips.
Holding their ground at higher volumes were Pha Lai Thermal Power (PPC), Phu My Fertilizer and Chemicals (DPM), Saigon Securities (SSI), Tan Tao Industrial Park (ITA), Vincom (VIC), Petro Vietnam Drilling and Well Services (PVD) and Kinh Do Food (KDC). Other stocks rose or fell just trivially.
VNM rose VND2,000. Hoa Phat (HPG), REE Technology (REE) and Saigon Cables & Telecommunication Materials (SAM) were up VND1,000. FPT Corporation (FPT) cast off VND2,000. Vinh Son Hydropower (VSH), Ha Tien 1 Cement (HT1) and Schenker-Gemadept Logistics (GMD) blew VND1,000. And Sacombank (STB) piddled away VND500.
Predictions of good year-end business by blue chips’ keep the market from sliding to much, but they don’t boost it much either.
Reports are positive but news of Vietcombank’s upcoming equitization worries investors.
Vietcombank stocks are expected to attract scads of cash as their initial price has been fixed rather high. Investors fret over next year’s market situation after the big cap’s equitization, which is said to partly explain the market’s current gloom.
Realty and aqua stocks also dropped today, Thanh Cong Textile Garment (TCM) by VND1,500, Sudico (SJS), Song Da 5 (SC5) and Thu Duc House (TDH) by VND1,000, Aquatex Ben Tre (ABT) by VND1,500, and Agifish (AGF) and Alta (ALT) by VND500.
(US$1 = VND16,230)

By Tuong Chau – Translated by H.Yen

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