The HCM City Stock Exchange ended 2008 on Wednesday in mixed but vigorous trading.


The VN-Index ended the day off 0.22 per cent, closing the year at 315.62, but on a noteworthy volume for the day of 15.25 million shares, worth VND404 billion (US$23.1 million).


PetroVietnam Drilling (PVD) accounted for nearly 24 per cent of that value, with a volume of over a million shares, worth nearly VND88 billion ($5 million).


Healthcare shares scored the biggest gains on the day, picking up an average of 4.35 per cent, according to Bien Viet Securities, followed by oil and gas shares at 2.7 per cent.


Paying tax


"We have to start paying tax every time we buy shares starting on New Year’s Day, so why don’t we earn money now?" An Binh Securities Co investor Vu Huy Hoang asked rhetorically to explain the brisk activity in the last session of the year.


VNDirect Securities investor Nguyen Viet Thang said he made some instant money from penny stocks. "The money is enough to buy my son a toy for New Year. I spent most of the year trading and earning money, so now is the time for my family," he said.


HCM City-based analyst John Nolan noted that 2008 was a tough year for Vietnamese investors, who were inexperienced but eager.


"They weren’t prepared for a situation in which they lost money overnight," he said. "They weren’t ready to understand the fact that [on the market] it’s easy come, easy go."


"Just being wiser in investing and being independent in your decisions in the new year will help you in formulating a new investment plan for 2009," he added.


In Wednesday’s session, foreign investors continued their recent trend of being net buyers, picking up a net of 773,707 shares. Kinh Do Corporation (KDC) drew the most attention from this sector, with foreign investors grabbing 205,150 of the commercial baker’s shares, helping lift their price by 4.15 per cent on the day to VND30,200.


In Ha Noi on Wednesday, the HASTC-Index ended the year at 105.12 points, a fall of 0.30 per cent on the day. Volume was 6.13 million shares for a value of VND166.79 billion ($9.53 million).


After its products were given a clean bill-of-health and recognised not to be infected with melamine, Ha Noi Milk (HNM) shares saw active trading.


"The price of HNM will continue rising over the next several trading days," predicted the FPT Securities’ analysis department.


Foreign investors were also active on the capital city market, buying a total of 784,200 shares while selling 132,200.