VN-Index fell below the important psychological level of 1,000 points today, following a spate of selling before more new listings.
"Many investors have started looking for growth stocks in the upcoming IPOs and started selling shares they believed had reached their growth limits to get cash to enlarge their portfolios with the upcoming new listed shares," an analyst from Vinci Capital said.
"The market needs new momentum and new stories other than the 8 percent economic growth and the WTO membership. It is time for investors to start looking at fundamentals like revenues forecast and company performances," he added.
Only two of the 107 companies listed on the main board Ho Chi Minh City Securities Trading Center gained in Monday session including shares in blue-chip FPT which rose nearly 1% to close at 525,000 dong ($32.6) each.
The firm said on Monday it had won the right to distribute products of Apple Inc. (AAPL.O: Quote, Profile , Research), with six stores planned this year in Hanoi and Ho Chi Minh City.
Analysts said among new stocks to watch this year would be Saigon Beer Alcohol Corp (Sabeco), Vietnam's largest brewer, which plans to auction 20% of its shares in August.
Others expected to make their mark on the exchange with listings are banks. Vietcombank, Incombank and Vietindebank, three of the four largest lenders in Vietnam, all plan IPOs between the second and fourth quarters.
Source: Reuters
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment