きょうは朝から新聞を買いにでました。ホテルの近所には英語の新聞はなく、結局、チャンティエン・プラザ付近まで行くことになりました。「Viet Nam News」5000ドン(30円ほど)と、「THE WALL STREET JORNAL」のアジア版2.5ドル(42000ドン)を購入。「THE WALL STREET JORNAL」にそれほどの価値があるのか? それは明日に持ち越しとして、きょうは「Viet Nam News」のマーケット欄を訳してみました。
「Viet Nam News」は一般紙で、全32ページ中2ページがマーケット欄、データと解説という感じです。ところで、きょう買った2紙、ともにきのうの新聞でした。英字新聞は届くのが遅いのでしょうか? そのおかげで、ガソリン価格が上がった月曜日の市場の解説を読むことができました。ま、普通のことしか書かれていませんが。

Herd mentality results in market fluctuation

Hanoi – Some experts have said that crowd psychology is governing the domestic stock market,and the situation yesterday suggests they’re right.
The number of day traders is overwhelming the number of long-term investors,Nguyen Van Thuan,director of HCM City Open University’s Faculty of Accounting,Finance and Banking,said at a stock market seminar in HCM City last Wednesday
先週の水曜日にホーチミン市で行われた株式セミナーで、ホーチミン市のFaculty of Accounting,Finance and Bankingの公開授業のディレクターであるNguyen Van Thuan氏は、短期投資家の数は長期投資家の数を圧倒していると語った。
“As in other emerging markets,sometimes herd mentality determines market trends,�said Thuan. “Recent share prices have surpassed many expert’s expectations,� he said referring to the rise in prices and activity.
But investor excitement may also cause negative fluctuation on the market,he noted.
He may be right. Yesterday,huge sales far exceeded purchases in the HCM City Stock Exchange causing the VN-Index to slump 12.23 points or 2.53 percent to close at 470.28.
This came in the wake of Friday’s slump,during which investors cashed in on expected profits after nearly a month of increases,pulling the index down 1.38 percent to 483.05.
Trading volume fell to 16.1 million shares,and fund certificate revenue totaled VND746 billion (US$45.2 million).
出来高は1600万株に落ちた。そして、fund certificate revenueの総額は7460億ドン(4520万ドル)だった。
Almost all codes hit the floor,including major stocks such as Phu My Fertilisers (DPM),FPT,Hoa Phat Group (HPG),Tan Tao Industrial Park Corp (ITA),Sacombank (STB) and Vinamilk (VNM).
However ,Saigon Securities Inc (SSI) bucked the trend. Big purchases for the share brought it alone to a remarkable high,and it was also the most actively traded stock with around 7 million shares changing hands for VND342.75 billion ($20.77 million).
しかしながら、サイゴン証券は逆行高した。大きな買いがサイゴン証券を著しく高く持ち上げた。そして、3427億5000万ドン(2077万ドル)におよぶ、700万株のchanging handsをともなう、出来高1位の株となった。
Bomg Bach Tuyet Corp (BBT) resumed trading on the HCM City Stock Exchange yesterday after six days of suspension due to two years of losses. Investors were expecting no transactions,but orders were matched for 2350 BBT shares.
Overseas clients were active,buying about 10 million shares and fund certificates and selling 2.74 million units.
The northern market experienced similar trends with abundant sales and barely any purchases weighing the HASTEC-Index down 1.4 points or 0.94 percent to 148.28.
Trading volume was three times smaller than last Friday’s figure,reaching 5.28 million shares,for a turnover of VND239.8 billion ($14.5 million).
Asia Commercial Bank (ACB) and Petroleum Technical Services Corp (PVS),which were the most active shares over the past few weeks,hit the floor.
Tran Hoai Phuong,general director of Gia Quyen Securities,stressed the importance of improving the investment environment at the macro-level. “Economic developments determine company grows ,�he said. The Ministry of Finance yesterday raised the price of domestic petrol by 30 percent to VND19000 ($1.15) per litre in a move to cope with world oil price hikes,which raised fears among investors about future market difficulties.
Gia Quyen 証券のgeneral directorであるTran Hoai Phuong氏は、マクロレベルでの投資環境の改善の重要性について強調した。経済の発展は企業の成長によって決まると彼は言った。きのう、財務大臣が、海外の石油価格高騰に連動して、国内ガソリン1リットル当たり、30%値上げして1万9000ドン(1.15ドル)にすると発表した。そのことは投資家たちに将来の市場について悲観させた。
Crude prices edged up yesterday but remained below $130 a barrel. VNS