The glow has dimmed on Vietnam’s young stock market and foreign fund managers and traders say a recovery is unlikely without an easing of ownership rules and more accurate valuations of new listings.
While the January slide of the benchmark VN-Index mirrored other regional indexes, domestic influences such as tighter monetary policy and caps on foreign ownership were seen as more significant than the global credit crisis and talk of a US recession that have weighed on more developed markets.
Foreign investors had hoped several new large share offerings would spur capital markets development in Vietnam.
But this month, Vietnam’s market regulators urged companies to consider further delaying share issues because they believe the stock market may not be able to absorb the securities on offer.
Source: Reuters
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