Ho Chi Minh City stocks Monday failed to extend
Friday’s rally, ending flat as investors’ waited for signals from the
US and signs the local market has stabilized.
The VN-Index, a gauge of 167 firms and four closed-end funds, ended down 0.01 percent at 314.71 points.


Trading volume plummeted to around 11.2 million shares
from Friday’s 13 million as 70 advanced, 64 dropped and 37 remained
unchanged. The index has lost 66 percent of its value this year.


“Many long-term investors are staying on the sidelines
as they do not dare to invest in a market which is yet to stabilize,
while some other longtime investors, who suffered losses before, now
have no money to pour into the market,” Nguyen Manh Toan, deputy CEO of
HCMC-based VinaGlobal Securities Corporation, told Thanh Nien Daily.


“Day traders, meanwhile, remain cautious and have sold shares today to take some profit from Friday’s rebound,” said Toan.


He also said both long-time and short-time investors
were looking to see if US lawmakers would agree to a US$25 billion
rescue plan due to be presented this week by the head of the Big Three
automakers - General Motors, Ford and Chrysler.


“Vietnam’s economy is facing a downturn like many
other countries in the world. And we expect it will only recover
gradually from the year 2010,” Bloomberg quoted Nguyen Hai Ha,
investment director of Hanoi Fund Management as saying.


“I expect the market will start stabilizing by the end of the first quarter.


“The local market has showed volatility in recent
months, mainly driven by the fears of investors amid the global
financial crisis.


“In the short-term, the market will still be gloomy and investors will continue to trade very cautiously.”


Saigon Beverages Joint-Stock Company, known as
Tribeco, fell VND400, or 4.8 percent, to close at VND8,000. Citigroup
Global Market Ltd. has sold 104,680 shares, to slash its holding to
445,660 shares, according to a statement filed on the exchange’s
website after the market closed last week.


Ben Tre Forestry and Aquaproduct Import Export
Joint-Stock Company, dropped VND600, or 3.8 percent, to close at
VND15,400. Chairman Nguyen Quoc Toan registered to sell 364,850 shares,
his entire holding, from today to December 31, according to the website.


Can Tho Techno-Agricultural Supplies Joint-Stock
Company, one of Vietnam's biggest fertilizer importers climbed
VND1,700, or the daily allowed limit of 5 percent, to 35,900 at the
close. The firm has decided to delay the sale of 7.8 million additional
shares.


“This is not a favorable time,” the company said in a
statement posted on the bourse’s website, without giving any timing for
the sale plan.