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Capital Market
July 17, 2007

Non-stop share matching starts July 30
Ho Chi Minh Stock Exchange was scheduled to switch to continuous order matching on July 30 after several delays due to technical problems at brokerages, the bourse was quoted as telling Reuters.

The market authority also said it would raise the minimum size of each transaction to 100 shares from next year from 10 shares now, a move traders said would sideline small investors.

Under the new system, the open price would be established between 0830 and 0900 (0130-0200 GMT) followed by an hour of continuous order matching transactions, it said in a statment. The closing price would be fixed between 0300 and 0330 GMT.

Trading closes at 0400 GMT, giving 30 minutes to put through deals on the market, which has a capitalisation of about $13 billion and celebrates its seventh birthday this month.

The exchange, one of the world’s fastest growing stock markets with a 144.5% rise last year, had planned to switch to continuous order matching from May 7 but brokers did not have the new trading system ready.

The VN Index slipped below psychological support of 1,000 points on Monday, falling 1.96 percent to 995.83 points after a Merrill Lynch report raised liquidity concerns.

The index had risen 32.5% so far this year but daily trade had halved to an average US$30 million in June from $60 million previously, the investment bank said in its July stock market report. Reuters

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