Wednesday, March 4, 2009

VN exchanges continue to slide with no end in sight


HA NOI — The HCM City Stock Exchange turned in its sixth consecutive day of declines yesterday, with the VN-Index closing off another 0.89 per cent to 252.57 points.
Trading volume topped 7.6 million shares, with a total value of VND138 billion (US$7.8 million). Losers outnumbered advancers by 86 to 58.

Of active shares, Phu My Fertilisers (DPM), PetroVietnam Drilling (PVD) and Vinpearl Tourism and Trading Co (VPL) all managed gains on the day, while others tended to decline. Vincom hit its floor price.

Cable and Telecommunications Materials Co (SAM) was the most active share on the day, with 620,000, nearly matched by Sacombank (STB).

Penny stocks such as Bien Hoa Sugar (BHS), Binh Trieu Construction and Engineering (BTC), Viet-Han Corporation (VHG) and Sai Gon Beverages (Tri) picked up value, keeping the VN-Index from declining further.

Hoang Thach Lan of SME Securities Co said VN-Index could continue to decline to as low as 220 points, depending on the state of the economy.

Long-term investors needed to be patient, choose safe shares and keep a close eye on market changes before making any decision to buy, Lan said.

In Ha Noi, the HASTC-Index hit a new all-time law, as it dropped 1.07 points to close at 84.2. About 4.3 million shares were traded with a total value of VND62.8 billion ($3.5 million), up in volume but down in value from Wednesday’s session.

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Mr Pham Van Cong,The Head of Mission and Commercial Counsellor of Vietnam Trade Office in Nigeria,Mr Okoye O. Pius - Ceo, Piskoye Nig. Ltd, Mr Kingsley Chikezie,Sec. Gen., Importers Association of Nigeria And other members at a One day Importers Forum In Lagos.

Cross Section of Attendees Including Mr Pham Van Cong, Mr Okoye O. Pius at a One day Importers Forum organized by CBN's, Technical Committee on the Comprehensive Import supervision Scheme (CISS) in Lagos Nigeria