Investors in the Vietnamese stock market
viewed yesterday “Black Monday” as both VN-Index and HASTC-Index lost
more than 4% of their values. This is considered what the market has
responded to the Government’s tightening policy.



On the Ho Chi Minh City Stock Exchange (HOSE),
the stock value of 143 companies and two investment funds fell down
yesterday. VN-Index lost 33.46 points, down to 782.57 points.


On the Ha Noi Stock Trading Center, the stock
value of 118 among the 127 companies went down. HASTC lost 12.38
points, down to 296.7 points.


This is viewed as a rapid reaction of the market
to lots of information about the Government’s tightening policy that
will be applied this March, said a market analyst.


While banks are in short of Vietnamese dong, the
State Bank of Vietnam will issue bills worth more than VND20,000
billion in March and commercial banks have to buy them.


Nguyen Mien Tuan, general director of Vietnam
Dragon Securities Co., said, “This policy will help control inflation
but causes a shortage of money for investment. Besides the stock
market, the real estate market will also be affected in the coming
time.”


An opportunity for investors?

Investors’
concerns over this tightening policy have been seen through reactions
in the market. Tuan from Vietnam Dragon Securities Co. said the market
is now in really need of Government support in terms of policy. In
addition, information from the U.S. economy will affect the Vietnamese
stock market because international investment funds are present in the
nation.


Nguyen Ngoc Tuoi, director of Da Nang Securities
Co., said the better side of the fall of VN-Index is the index would
increase back. Stock prices are being at low levels while the listed
enterprises are making good profits and conducting strong growths, and
this will attract investors again. This attraction will make investors
to buy in while other investors are rushing to sell out.