The VN-index continued its downward spiral yesterday
as share prices rose worldwide amid renewed hope that a revised version
of a US financial rescue plan would be adopted by the US Congress.


During yesterday's trading sessions, however, there
was no signal of a massive sell-off which happened the day before, both
in the HCM City Stock Exchange (HOSE) and the Ha Noi Securities Trading
Centre (HASTC).


The psychology of investors obviously stabilised after the world finance market recovered early yesterday morning.


At the end of yesterday's trading session, the VN-index lost 2.29 points to close at 454.41.


Up to 71 shares out of 164 shares and fund certificates listed on the HOSE declined while 75 advanced and 18 remained unchanged.


Close to 18.8 million shares worth more than VND703.5
billion changed hands in comparison with 4.6 million shares and 177.6
billion in the second session.


Among the largest advancers were VNM of Vinamilk,
which climbed VND4,500 to close at VND95,000 per share; and SHC of Sai
Gon Maritime company, which rose VND1,900 to end the day at VND40,400
per share.


The bourse also saw a strong decline in SJS of Song Da
Urban&Industrial zone Investment and Development company which slid
VND4,500 to end at VND93,500 per share. Followed by TCT of Tay Ninh
Cable Car Tour Company which slipped VND4,000 to close at VND108,000
per share.


STB of Sacombank once again was the most active share with 3.11 million changing hands.


On Tuesday State Bank Governor Nguyen Van Giau said he
was assured that the crisis on Wall Street would not cause a domino
effect on the domestic financial sector as the liquidity of local banks
and the foreign currency reserve were at secure levels.


Huynh Anh Tuan director general of SJC Securities said
investors over-reacted to the US Congress's rejection of the rescue
plan for the ravaged financial sector.


Perhaps the bailout package had been over-emphasised
and the fallout from the vote against it made a strong negative impact
on investors' mentality.


The country's economy brightened with September's CPI
standing at 0.18 per cent. The foreign currency and banking system
remained stable and foreign direct investment capital hit record highs.
With such positive news, there was no reason to pull the stock price
down, Tuan said.


Dinh The Hien, an independent analyst, warned local
investors to be calm as Vietnam's economy had stabilised. He reminded
investors that they should neither view the failed financial rescue
plan negatively nor sell out their shares.


In Hanoi, the rising prices of most blue-chips helped
the HASTC-Index bounce back with a rise of 1.15 points to end the day
at 149.7 points.


A total of 11.5 million shares were traded worth
VND390.7 billion. The northern bourse saw 66 advancers, 80 losers, five
unchanged and two remained in active.


KLS of Kim Long Securities topped the listed shares
with 1.59 million shares changing hands, followed by ACB with 980,000
shares traded and PVS with 690,000 shares.