Sacombank's Nam Says Private Investors Selling Stocks

Friday, June 20, 2008
Nguyen Ho Nam, director of Ho Chi Minh City-based Sacombank Securities Co., the brokerage unit of Saigon Thuong Tin Commercial Joint-Stock Bank, comments on the drop in the Ho Chi Minh City Stock Exchange's VN-Index.

Vietnam's benchmark index today fell 7.25, or 1.9%, after the daily trading limit was widened to 3% from 2% yesterday. The measure closed at 366.02.

``I don't think stocks fell because banks are selling shares. The market is now dominated by private investors. Private investors are speculating among each other. They bought shares a few days ago and that's why the VN Index rose. Now they are selling to make a quick profit.

``I really don't know about the stock market next week, it's so unpredictable.''