Stocks stumbled last week on growing global uncertainties, but the slump also provides an opportunity for investors to stake on fresh positions.

"The global market has experienced the worst trading quarter since 2008 due to the European debt crisis and the slowdown in the global economy," said Kim Eng Securities Co analyst Phan Dung Khanh.

Citigroup last week again slashed its forecast for global growth, predicting just 3 percent overall this year and only 2.9 percent next year. Meanwhile, the International Monetary Fund and the World Bank set a floor of 2 percent global growth as its classification for a second global recession.

Domestically, new inflows of foreign direct investment in the first nine months of this year were estimated at 8.2 billion USD, according to the General Statistics Office, but the trade deficit in September reached 1 billion USD, bringing the nine-month deficit to over 6.8 billion USD.

Exports totalled 70 billion USD during the period, up 35 percent over the same period last year, while imports totalled 76.9 billion USD, an increase of nearly 27 percent.

"The global stock market remains volatile," commented FPT Securities Co analyst Ngo Van Quy. "Meanwhile, although domestic inflation last month continued to ease, other economic fundamentals have not been sufficient to support a positive stock market."

"The market only seems to have received a short-lived boost from the new cap on interest rates of 6 percent on non-term deposits," Khanh said. This rate was low enough to encourage investors to withdraw funds from banks to invest in securities or gold, he said.

On the HCM Stock Exchange, the VN-Index last week concluded Sept. 30's trades at 427.64 points, a 2.9-per-cent decline against the previous week's close.

With a slight drop in average daily trading volume to 45 million shares, the average value of trades fell 13.7 percent to just 811.9 billion VND (39.2 million USD).

On the Hanoi Stock Exchange, the HNX-Index dipped by an even more dramatic 4.34 percent to 71.34 points – representing a loss in value of about 59 percent since early this year.

"If it pierces the resistance level of 70 points, another steep decline will occur," Quy predicted.

Average daily value on the northern bourse last week fell by 6 percent to 435.3 billion VND (21 millionUSD) on an average volume of 41.2 million shares.

Large-cap shares suffered the most, shedding 3.7 percent of their value, while penny stocks declined by an average of 1.5 percent. Stocks in financial, real estate and construction sectors retreated from 3.9 to 8.1 percent.

Foreign investors concluded the week as sellers in both cities by a net of 250 billion VND (12.1 milion USD). Real estate developer Vincom (VIC) was heavily sold by foreign investors, who unloaded a net of 119.2 billion VND (5.76 million USD) worth of VIC shares.

"The week's trading concluded the third quarter, which means businesses are about to release their quarterly financial reports, offering some opportunities for short-term gains," Quy said./.