Remarkable Vietnam.

The Stock Trading Center of Vietnam (‘STC’), located in Ho Chi Minh City, was officially inaugurated on July 20, 2000, and trading commenced on July 28, 2000. Initially, two equity issues were listed, Refrigeration Electrical Engineering Joint Stock Corporation (‘REE’) and Saigon Cable and Telecommunication Material Joint Stock Company (‘SACOM’). It is the smallest stock exchange in Southeast Asia. The Vietnam stock exchange is both operated and regulated by the State Securities Commission.
About nine out of thirteen companies have capital of VND43bn (US$2.73m) or more and have been licensed by the State Securities Commission and Ho Chi Minh City Stock Trading Center to conduct a full range of securities business including brokerage, advisory, fund management, proprietary trading and underwriting.
Saigon Securities Incorporation, Hai Phong Securities Joint Stock Company and EAB Securities Company have chartered capital ranging from VND20-22bn (US$1.27m-US$1.4m) while Mekong Securities Joint Stock Company are capitalized at VND6bn (US$0.38m). Neither company is licensed to conduct proprietary trading or underwriting.
Foreign ownership of shares in companies listed on the Ho Chi Minh City Stock Trading Center is limited to 49% of the company’s issued share capital. For bonds, foreign investors can hold 100% ownership of a particular issuer’s bonds.
Foreign investors who wish to purchase shares through the Ho Chi Minh City Stock Trading Center are required to register through a custodian licensed to hold securities on behalf of foreigners – of which there are currently three; The Hongkong and Shanghai Banking Corporation, Deutsche Bank AG and Standard Chartered Bank. Beside these three, securities companies can play role of custodian unit to hold stocks for foreigners as well. Once registered, a Securities Transaction Code is issued to the foreign investor who may then open a Trading Account with one or more of the twelve licensed Securities Companies.
For private investors, it is necessary to fly to Ho Chi Minh City (Saigon) to open a securities account and a bank account. Foreigners are able to transfer funds out of Vietnam after fulfill tax obligations. There is no time constrain.
Vietnamese Brokerage Firms;-
HANOI:--
Vietcombank Securities Co. (VCBS),Bank for Agriculture and Rural Development Securities Co. (Agriseco),Industrial & Commercial Bank Securities Co. (IBS),Bao Viet Securities Co. (BVSC) ,Bank for Investment and Development of Vietnam Securities Co. (BSC) ,Thang Long Securities Co. (TSC),Mekong Securities Co. (MSC) .
Ho Chi Minh City:--
Asia Commercial Bank Securities Co. (ACBS),Saigon Securities Incorporate (SSI)
The dow Thursday.7/01/10 is 6market days to index futures expiry.

9:30am:--A bearish gap down opener with a failed gap recovery.The dollar gained against a basket of foreign currencies.

10:30am:--Ascending soldiers filling the opening gaps completely.

11:30am:--Session high pullback now being held at the bull pivot with a dragonfly doji.

12:30noon:--Consolidation hour,bears still in control. Latest weekly initial jobless claims total, which was generally flat.

1:30pm:--Retracement to near high but strength in the dollar index weighed on commodity prices this session.

2:30pm:--Sudden spike up to new session high.It's the strength among financial issues that helped carry the broader.

3:30pm:--The high of the day after an earlier pullback to the bull pivot support line.

4:00pm:--Closes near the day's high and the dragonfly doji stars were sighted.

Thursday's equities have recovered from a sell-off at the top of the hour following a headline which detailed a warning about interest rate risks to U.S. banks.

A new high of the week was noted despite having tried to bring it down below the MAV support line.It's the 7th day before index futures expiry by having a pullback in view of the beginning being bullish.