~ Le Vięt Nam, aujourd'hui. ~
The Vietnam News

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Technical error disrupts Vietnam share trade

HO CHI MINH CITY/HANOI - Technical problems shut Vietnam's booming main stock exchange throughout Friday morning trade, the second such disruption in less than two months. Trading usually takes place only in the mornings, but on this occasion, the market opened for an hour in the afternoon to catch up. The special extra session was thinly traded, but nevertheless took the market to a record close for a third successive day.

The VN Index gained 2.4 percent to close at 1,074.55 points, up 43 percent so far this year after an increase of 144.5 percent in 2006. Brokers and officials at the Ho Chi Minh City Securities Trading Center said the problems appeared to be fixed. "The data feed looks fine and buying orders are more than selling, but the overall volume is less than usual," a broker in Hanoi said. "Investors are not complaining as they seem to be used to the disruption," he said.

The stock market said the closure was down to "technical problems". It did not elaborate, but traders said the booming market's computer systems were simply not up to the job. The second trading halt since early December worried traders, who say the 6-˝ year-old exchange in the communist-run country is struggling to keep up with its rapid growth.

On Dec. 8, the market suspended trading because an error emerged in data transmitted from the centre to securities firms. "The exchange is facing a serious problem with overcapacity. It simply cannot keep up with the speed of the market demand growth," a trader at Habubank Securities in Hanoi said. "There is an urgent need to upgrade the exchange infrastructure or investors will lose confidence in the accuracy of the trading system there," he added.

In 2006, the number of listed companies soared to 106 from 32 at the end of 2005 as companies rushed to qualify for tax breaks by listing before the end of the year. Some analysts say the market is overheated as domestic investors joined foreigners to cash in on vigorous economic growth which hit 8.17 percent in 2006 and Vietnam joining the World Trade Organisation last month. Trade on the country's second exchange, the Hanoi over-the-counter stock market , was normal on Friday where the index lost 0.19 percent to close at 346.76 points after reaching a lifetime high of 362.29 points on Thursday.

Reuters - February 2, 2007.


Vietnam bourse to close feb 16-23 for Lunar New Year

HANOI - Vietnam's stock market, the Ho Chi Minh City Securities Trading Center, will be closed Feb. 16-23 for the Lunar New Year holiday, the STC said in a statement Friday. The bourse will reopen on Feb. 26, it said.

Dow Jones Newswire - February 2, 2007.