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SHC,DMC,TCT,TRI,STB - Brokers try to cope as stocks continue to plunge   2008-01-25 - VNS

Depressed faces, automated trading boards lit up in red, and exclamations from investors were the hallmark of the stock market yesterday, as the VN-Index plummeted yet another 12.55 points, losing 1.62 per cent to close at 764.13.

HA NOI — Depressed faces, automated trading boards lit up in red, and exclamations from investors were the hallmark of the stock market yesterday, as the VN-Index plummeted yet another 12.55 points, losing 1.62 per cent to close at 764.13.

Value of trades was VND738.26 billion (US$46.1 million) on a volume of 8.5 million shares.

Virtually every share was a loser on the day, with Domesco Medical Import Export (DMC) down 4.79 per cent to VND139,000, and Sai Gon Maritime Co (SHC) down 4.77 per cent to VND35,900. Tay Ninh Cable (TCT) was off 4.62 per cent to close at VND227,000.

Among the few gainers on the day were Sa Giang Import-Export Co (SGC), up 3.21 per cent to VND51,500, and Saigon Beverages Co (TRI), up 4.89 per cent to VND42,900.

Phu My Fertilisers (DPM) was the most heavily traded share on the day, with over a million shares traded, followed by Sacombank (STB), with a volume of 991,850 shares, and Saigon Securities Inc (SSI), at 608,400.

According to Minh Quang, an analyst from a Ha Noi-based securities company, the psychology of investors has put the market into a tailspin.

"The Viet Nam market is young and investors lack experience, so they ape others," Quang said, suggesting that too many investors neglect to arm themselves with proper knowledge of the market.

The market reflects a collective state of fear, or even panic, he said, with the collective attitude of investors getting worse by the day.

He urged local investors to be more patient to avoid contributing to a deeper decline of the market.

"They should learn more from overseas market to have a wider knowledge on securities markets. Then they would be more independent in trading, which might help warm up the market again."

FPT announced its 2007 business results on Wednesday, with revenues increased 18.8 per cent to VND13.8 trillion (US$862.5 million) and net profits of VND725.9 billion ($47 million), up 61.16 per cent over 2006.

But FPT still lost 2.9 per cent yesterday to end the day’s trading at VND170,000. Brokers with National Securities Inc put the poor performance to recent moves by insiders to sell shares or give them to families members.

In Ha Noi yesterday, the index declined half-a-per-cent to 270.36. Asia Commercial Bank (ACB) rose 1.27 per cent to VND127,100, helping shore up the capital city market.


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STB - SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK