New corrections weaken market uptrend After the release of positive data related to the consumer price index and trade deficit, shares rebounded on both national stock exchanges last week. “However, the economy does not seem to be brighter as the ease in the index was mainly due to spending reduction, decreasing industrial production and more inventory,” commented FPT Securities Co analyst Le Thi Bich Hang. On the HCM City Stock Exchange, the VN-Index closed the month of April at 473.77 points, up 1.85 per cent over the previous week. Daily market value on the bourse averaged VND1.34 trillion (US$63.8 million), or 67 per cent of the previous week’s figure. Meanwhile, on the Ha Noi Stock Exchange, the average value of trades in a session totalled VND734.7 billion ($34.98 million), declining 26.5 per cent compared to the previous Friday’s close. The HNX-Index added 2.6 per cent to 79.86 points. Speculative cash flow was fairly strong last week, said Hang, focusing on penny stocks. “This source of money is not stable, while the VN-Index is facing great profit-taking after a pretty strong rally.” Short-term investors could sell their shares if the southern bourse’s benchmark index tested 480 points, while those who were…
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