The first days of 2007 seemed to be the hottest days so far in Viet Nam's stock market with the VN-Index rising for the 10th consecutive trading day, prompting expectations that it would exceed the 1,000-point mark in upcoming trading sessions.
The trading session at the Ho Chi Minh City Trading Centre on Jan. 16 saw mass purchase orders from investors, pushing the VN-Index rise to a record 983.6 points.
The prices went up for 65 types of shares, while 30 others underwent decreases and 13 remained unchanged.
Many investors were enthusiastic with the rising trend and stepping up their investment to get a piece of the profits.
However, the overheating market worried some long-term investors, who adopted a cautious watch-and-see stance.
On the darker side, about 15-20% of the listed companies saw their shares drop. In the Jan. 16 session, seven types of shares dipped to floor prices.
According to Nguyen Duy Hung, General Director of the Sai Gon Securities Incorporated (SSI), a such steep growth was not good for the market and adjustments are sure to follow. However, he said there is little possibility for deep adjustment.
Source: VNA
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