Vietnam Stock Market News

Ending the first six months of 2009, Vietcombank reported gaining 2.450 trillion dong in profit. Also, CTG earned about 2.1 trillion dong of pre-tax profit against the whole year's plan of 2.593 trillion dong, STB posting 905 billion dong.

However, the business efficiency is not the main factor pushing up the bank share prices in recent transaction sessions. Sudden changes in bank share prices raised the situation that many big investors launched buying orders of hundreds of shares at high prices.

Due to this, small investors were also "gone with the wind" but they could not order higher buying prices. So prices of CTG, STB and VCB are going up. Typically, between July 22 and 27, CTB recorded a ceiling rise in all four sessions from 34,400 dong to 40,800 dong per share with the surplus of buying order of 7.6 million shares. Totally, nearly eight million CTG coded shares changed hands. STB and VCB also witnessed similar increasing impetus.

Yet, the analysts said that new highs in bank share prices will cause correction phases. On July 28, the prices of CTG, VCB and STB massively slumped. During the session, investment funds and stock brokerages took full advantages of gathering a huge volume of bank shares. Notably, 8.5 million STB coded shares were matched order on Tuesday July 28 while VCB and CTG all reached a trade of two million shares each. Investors purchased nearly 400,000 shares coded CTG, VCB and STB.

Many people see that before pushing up prices, big investors used to order a large volume of securities at low prices equalling to the order prices of sellers. When the prices plunge to the expected levels, these big investors will collect commodities.

From July 16 to 21, CTG saw a floor reduction and investors offloaded STB and VCB. On July 21, 2.1 million CTG coded shares were transferred, in which foreign investors bought 500,000 shares. STB marked a matching order trade of nearly four million shares in the session.