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Vietnam Business » Vietnam Stock Market News » Dreary trade on UPCoM, OTC markets

Dreary trade on UPCoM, OTC markets

The UPCoM-Index hit 53.03 points on Tuesday and liquidity on the market has fallen one-third to about 800,000 shares per session. According to securities companies, the reasons for the dreariness are numerous - with the biggest being the gloomy trade on the official markets, despite positive results from listed enterprises.

The new continuous matching system on the unlisted market for public firms (UPCoM) has not lived up to investor hopes as seven consecutive sessions have hurt the index, taking it down 10%. The absence of strict transparency rules, and the risk of prices being manipulated on the UPCoM market because of the small capitalization are other reasons cited. Companies on UPCoM do not have to submit periodical financial reports so investors have very little information about them. Nguyen Son, head of the market development division under the State Securities Commission, said the authorities were monitoring the trade on the UPCoM market with a view to make it more transparent and resistant to price control. Brokers on OTC market, meanwhile, said the liquidity was very low as few stocks had transactions with the majority of transactions being real estate companies such as Eximland, IDI, and Long Son Idico. The most liquid stock on the OTC market was Eximland, which was traded at VND15,300 per share on Tuesday. Similar to official markets, prices of stocks on the OTC market declined in two early sessions this week. Nguyen Nam, an OTC broker at Viet Securities Co., said investors tended to hold on to cash at this time and limit transactions on both official and unofficial markets. "Lacking supporting news, it is so risky to buy shares now," he said, adding OTC brokers couldnt make good profits because of the slump.

Vietnam Business And Financial News Network. Source [english.vietnamnet.vn]

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