phuocpham
04-01-2010, 03:12 PM
The top five events on nation’s stock market in 2009 are as follows:
1 – Four years of gains wiped out
On February 24, during the darkest days of the global economic crisis, the VN-Index nosedived to 235.5 points, its lowest point in four years. By October, the Index had climbed back over 600, before contracting during the final weeks of the year to below 500.
2 – Leveraged trading curtailed
Market volumes boomed during the late summer and autumn, due to heavy lending to securities investors by commercial banks and stock brokerages,
Leveraged trading led to average market values of VND4-5 trillion (US$225 – 280 million) per session, noted Nguyen Duc Thanh from the Centre for Economic and Policy Research.
But tightened credit policies instituted by the central bank in early November spoiled the party, and the VN-Index plunged 190 points from its October 23 peak of 624.10 points.
3 – Market rumours clarified
Rumours about economic policies affected the domestic stock exchanges more than ever in 2009, forcing regulators to jump in and issue clarifications, as well as to warn investors to be more knowledgeable in their trading decisions.
"Their reactions were to sell," said Vina Securities Company economist Alan Phan. "We think that these initial reactions, though understandable, were hasty. The new policy steps will eventually be beneficial to the economy, and thereby to the markets."
4 – Big new listings hit bourse
Last year saw a number of heady hitters list shares on the stock exchange, including Bao Viet Holdings, Vietcombank, Vietinbank and Eximbank.
5 – Foreign fund bails out
On September 3, Indochina Capital Viet Nam decided to close out its fund by starting an orderly liquidation of its entire portfolio, making it the first foreign fund to bail out of the domestic stock exchanges.
The VN-Index slumped for two sessions but weathered the move well overall.
In November, the State Bank of Viet Nam estimated that foreign investors had withdrawn about US$500 million from domestic markets in the first three quarters of the year.
However, they again turned to be net buyers in the final quarter of the year, although final figures have not yet been published.
1 – Four years of gains wiped out
On February 24, during the darkest days of the global economic crisis, the VN-Index nosedived to 235.5 points, its lowest point in four years. By October, the Index had climbed back over 600, before contracting during the final weeks of the year to below 500.
2 – Leveraged trading curtailed
Market volumes boomed during the late summer and autumn, due to heavy lending to securities investors by commercial banks and stock brokerages,
Leveraged trading led to average market values of VND4-5 trillion (US$225 – 280 million) per session, noted Nguyen Duc Thanh from the Centre for Economic and Policy Research.
But tightened credit policies instituted by the central bank in early November spoiled the party, and the VN-Index plunged 190 points from its October 23 peak of 624.10 points.
3 – Market rumours clarified
Rumours about economic policies affected the domestic stock exchanges more than ever in 2009, forcing regulators to jump in and issue clarifications, as well as to warn investors to be more knowledgeable in their trading decisions.
"Their reactions were to sell," said Vina Securities Company economist Alan Phan. "We think that these initial reactions, though understandable, were hasty. The new policy steps will eventually be beneficial to the economy, and thereby to the markets."
4 – Big new listings hit bourse
Last year saw a number of heady hitters list shares on the stock exchange, including Bao Viet Holdings, Vietcombank, Vietinbank and Eximbank.
5 – Foreign fund bails out
On September 3, Indochina Capital Viet Nam decided to close out its fund by starting an orderly liquidation of its entire portfolio, making it the first foreign fund to bail out of the domestic stock exchanges.
The VN-Index slumped for two sessions but weathered the move well overall.
In November, the State Bank of Viet Nam estimated that foreign investors had withdrawn about US$500 million from domestic markets in the first three quarters of the year.
However, they again turned to be net buyers in the final quarter of the year, although final figures have not yet been published.