OTC market seething (17/01)
06/08/2010 - 279 Lượt xem
The OTC (over the counter) market has been heating up over the last weeks as investors have been rushing to buy unlisted shares. The list of share items offered for sale and purchasing on the website www.sanOTC.com is very long. There are more than 300 offers marked with “new” in the website.
Ha, an individual investor, happily said that she had successfully bought 5,000 shares of Alphanam at VND72,000/share (or 7.2 times higher than the face value). Two days later, the seller of this lot of shares called Ha, entreating her to buy the shares back at VND83,000/share. The price surged to VND88,000 on January 13.
Share prices in the black market do not increase by day, but by the hour. On the morning of January 13, Hoang Tung, who lives in Bach Mai street, left VND30mil as the deposit on a lot of SHB bank shares at VND410,000/share (the face value is VND100,000/share). In the afternoon, when he came to see the seller to make payment, the seller refunded the deposit and gave Tung VND30mil as a gift, saying that he refused to sell Tung the shares as he could find another big customer.
A couple of weeks ago, the HCM City-based Mai Linh share price was VND21,000/share, and now is at VND43,500/share. Several speculators even flew to HCM City to buy Mai Linh shares at the headquarters of the company and brought them to Hanoi to sell.
Experts have rung the alarm bell over the movement of securities trading on the black market. Nguyen Thanh Ky, Secretary General of the Vietnam Securities Traders Association, said that investors buy or sell shares by feelings, based on inaccurate information. A securities company which has not become operational yet, also has the share price double the face value. “Investors face high risks when making investment in such a share item,” he said.
Source: VNE
