The VN-Index fell another 2.31 percent on Dec. 2 to close at 307.48, tracking results on US and regional exchanges.


Volumes also sank, with the HCM Stock Exchange seeing
only 8.14 million shares traded for a value of 234.8 billion VND
(nearly 14 million USD). The market saw 132 shares declining, against
only 13 gainers – most of which were penny stocks like Lu Gia
Mechanical Electrics (LGC), Saigon Fuel Co (SFC) or Techno-Agricultural
Supply (TSC).


A number of blue chips that had demonstrated signs of
renewed life during Monday’s session fell back to earth on Dec. 2.
“Monday heroes” like the FPT, Saigon Securities Inc (SSI) and Sacombank
(STB) all posted declines or remained unchanged.


“At present, the domestic stock market is being driven
by the world economic situation,” said an analyst at Golden Lotus
Securities Co, who asked to remain anonymous.


Local economic news – such as Monday’s announcement of
lower petrol prices – has not been enough to spur domestic investor
interest in securities at a time when global economies, including the
US , were acknowledging a state of recession, the analyst added.


“However, domestic investors are trying to keep the
Index from falling below the 300-mark, which is widely seen as an
enormous psychological barrier. That’s why trading volumes have been
gradually moderating,” he said.


The Hanoi Securities Trading Centre HASTC-Index
continued to flirt with its own psychological barrier of 100 points,
losing 0.47 percent on Dec. 2 to end the day at 103.48, with 115 codes
declining and 25 gaining.


Financial stocks such as Asia Commercial Bank (ACB),
Kim Long Securities (KLS) and Bao Viet Securities (BVS) saw significant
declines on the northern bourse.


Trading was restrained, with a market volume of a
little over 5 million shares and a total turnover of 131.6 billion VND
(7.83 million USD).