No need to set up support point for Vn Index
Friday, 5. December 2008, 05:46:28
Dec 5 - Vn index broke the 300 point level today, sunk at 299.68. This is the third time the index sets new bottom line since Oct 28 at 322.80 and Nov 27 at 303.54.
"The situation is relatively complicated. The macro economic conditions are not so good at this time. Foreign factors strongly influence the local market", replied an official from SSC-State Securities Commission of Vietnam, when being asked for the reasons that supportive news like gasoline price cut off; lower prime rate given by SBV and the delay of income tax for stock investors have not positively push up the market.
"Support policies has a certain delay to be effective with the marke", said the SSC senior expert. Pic: Workers installing underground electricity cable in a village of Hanoi.
The senior official from SSC also stressed that the psychology factor also shadow local investors acts. "You know that Vietnamese investors now are closely watching capital market in the UK, Hong Kong, US and Japan. And, they are really putting under the move of those markets".
"Business in quarter 3 is better than in quarter 2 in term of CPI, banks' liquidation, interest rate, foreign exchange rate but there still difficulties ahead for the last month of the year and some earlier months of 2009", he stated.
Answering question how to push up demands from investor, he said: "local investors adjust themselves very well with the market information. Taking an example year a go when the property market was in fever, they crowd all transaction floors, hunting for stock in this field without encouragement from SSC".
The senior official from State Securities Commission of Vietnam denied the proposing support level of Vn Index at 292 points establishing by some independent analysts, explaining that: "if we recognised that level, it means we would have agreed that the index to decrease more"./.
"The situation is relatively complicated. The macro economic conditions are not so good at this time. Foreign factors strongly influence the local market", replied an official from SSC-State Securities Commission of Vietnam, when being asked for the reasons that supportive news like gasoline price cut off; lower prime rate given by SBV and the delay of income tax for stock investors have not positively push up the market.
"Support policies has a certain delay to be effective with the marke", said the SSC senior expert. Pic: Workers installing underground electricity cable in a village of Hanoi.
The senior official from SSC also stressed that the psychology factor also shadow local investors acts. "You know that Vietnamese investors now are closely watching capital market in the UK, Hong Kong, US and Japan. And, they are really putting under the move of those markets".
"Business in quarter 3 is better than in quarter 2 in term of CPI, banks' liquidation, interest rate, foreign exchange rate but there still difficulties ahead for the last month of the year and some earlier months of 2009", he stated.
Answering question how to push up demands from investor, he said: "local investors adjust themselves very well with the market information. Taking an example year a go when the property market was in fever, they crowd all transaction floors, hunting for stock in this field without encouragement from SSC".
The senior official from State Securities Commission of Vietnam denied the proposing support level of Vn Index at 292 points establishing by some independent analysts, explaining that: "if we recognised that level, it means we would have agreed that the index to decrease more"./.
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