5:00:23 PM | 28/10/2008
The State Securities Commission (SSC) will have timely measures to stop the current free fall of the local stock market if the situation is not improved in next one or two trading sessions, the Laborer newspaper said citing a senior official as saying.
Head of the SSC’s Market Development Department Nguyen Son said the commission will surely intervene to help recover the market which has fallen deeply over the past one month.
The VN-index has slid to the record low since early 2006, at 322.8 on October 28, and HASTC-index also nearly touched the 100-point benchmark, partly due to investors’ panicky sentiment on foreigners’ off-selling.
Many analysts said while foreign investors account for 20 per cent-25 per cent of the market’s total trading value, the market current slump is offering opportunities for domestic long-term investors.
Dominic Scriven, director of Dragon Capital fund manager, said as for foreign investors with long-term investment commitment such as Dragon Capital or VinaCapital, the temporary off-selling is to restructure portfolio and buy in cheaper shares, not to withdraw capital out of the market.
“Investors should not be too worried about the problem as Vietnam is capable to offer foreign currency for foreigners’ withdrawal,” Dominic said. (Laborer)
Vietnamese
