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A
single ray of sunshine shone down on investors yesterday in a break
from the gloomy market, as trading volume closed on a high note,
although the VN-Index continued to tumble.



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[/table]The
VN-Index almost fell below the 400 point marking. It sounds good so far
because investors don't care much for mortgaging shares," said Pham
Hung, an independent analyst.


He added that those shares
were conducive for long term investment, and that the present selling
price was half of what they were still busy buying shares, purchasing a
moderate 208,340. The activity represented a revenue of VND4.44 billion
($275,000).


"The market's recovery now
depends on investors only. Share prices are now so attractive that they
can to 401.2 yesterday, a drop of 1.65 per cent.


Trading revenue increased
significantly, up 25.22 per cent to VND66.68 billion (US$4.16 million),
with 2.44 million shares changing hands.


The number of orders sold
through the negotiated method almost matched the number sold through
order-matching yesterday. It was rumoured that the boost in negotiated
shares came from commercial banks, who used the method to continue
selling mortgaging shares.


About 1.4 million shares were traded through negotiation methods, generating a revenue of VND34.53 billion ($2.16 million).


"Sooner or later, the banks
have to sell those shares to compensate for the losses they are suffer
were at previously. The sale was a good opportunity for investors to
load up on good stocks.


Vincom (VIC) yesterday was
still the most active stock, despite a modest trading volume of only
139,990 shares. AGF of An Giang Fishery became another active code with
75,250 shares traded in the session.


"It's hard to say why this
or that share becomes active, or why it gains or looses points in one
day, because investors now are so confused with trading on the bourse,"
Hung said. He cited Vinpearl (VPL) as an example, which was the sole
good stock gainer on Monday, but started to decline. VPL closed off
1.75 per cent at VND112,000 yesterday.


Foreigners yesterday buy
in. Investment institutions also advised traders to reinvest. Now,
everything seems different," said Nguyen Son, head of the market
development department under the State Securities Commission.


He noted that the most important thing now was for investors to be really calm when making any investment decision.


Moving up North, the
HASTC-Index fell to 115.71 points yesterday, a decline of 1.63 per
cent. Trading revenue came to VND79.05 billion ($4.94 million) for 2.16
million shares, which was more money than the HOSE saw.


Hung said that Hanoi's
trading band at 3 per cent was one percentage point higher than in HCM
City, allowing investors to trade more in this bourse.






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