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Speculators walk, market stalls

A modest rally in the final two days of July couldn't cheer markets in August's opening session on the HCM Stock Exchange, as the VN-Index fell back on August 2 by 0.47 percent to close at 491.61 points.
A modest rally in the final two days of July couldn't cheer markets inAugust's opening session on the HCM Stock Exchange, as the VN-Indexfell back on August 2 by 0.47 percent to close at 491.61 points.

The value of trades also proved anaemic, reaching just 1.12 trillion VND(57.4 million USD) on a volume of 37 million shares.

Thanh Cong Textile and Garment (TCM) was the most-active share on theHCM City market, responsible for 2.5 million trades and accountedfor 7.37 percent of total market volume.

On theHanoi Stock Exchange, the HNX-Index declined by an even more substantial1.27 percent on the first trading day in August, closing at just 151.38points. Volume reached only 25.9 million shares for a combined value ofless than 740 billion VND (38 million USD).

Weak capital inflows continued to stall the markets, said the head of analysis for VNDirect Securities Co, Nguyen Dinh Do.

The stock exchanges have also been greatly impacted by a monetarymarket in which interest rates have remained high and credit growthslow, Do said. In this context, he said, investors were creating theirown opportunities to earn quick profits by pumping money into pennystocks./.
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