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  Banking Finance

Stock market shows unclear direction

The stock market took a nosedive on Monday after a week of trading almost in the red and no clear reasons for the unpredictability of the bourse have been given.

Ha Khanh Thuy, director of the Ho Chi Minh City branch of Incombank Securities Co. (IBS), said, "Actually, we dont know why the market has plunged. We havent heard any bad news about the listed firms."

Investors are seen being in a bearish mood and they are rushing to offload shares for fear of any further downward movement, according to an analyst at Saigon Securities Inc. (SSI). "We dont know the exact reasons for the falling bourse."

A Vietcombank Securities Co. (VCBS) official said, "We are looking for an answer to all that." The stock index on Monday plummeted by 10.4 points to close at 213.74.

However, the stock trade rose sharply to VND9.3 billion-plus from the VND7.37 billion on Friday and VND2 billion early last week as some institutional investors had increased buying of falling stocks./.

The Ministry of Finance - (13/08/2004)

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