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New HoSE retail trading accounts fall by 378,000 in October

The number of Ho Chi Minh Stock Exchange retail trading accounts opened fell below the number of accounts closed in Ocotober, VN Express is reporting. Just 167,700 accounts were opened in October. Furthermore, in the same month 545,400 accounts were closed. The article points out that traders are allowed to open accounts with multiple brokerages and this fall may be the result of those traders with more than one account closing their inactive accounts.

The Vietnam Securities Depository and Clearing Corporation notes that of those 545,000 account MB Securities Joint Stock Company (MBS) accounted for 543,753 and said this was because it had closed out accounts that had not recorded any transactions.

Note that, stock market manipulation has drawn a lot of media attention in recent weeks as an ongoing investigation into former FLC chairman Quyet Van Trinh reveals more and more evidence of the practice in his wheelings and dealings. Furthermore, its been announced that the authorities intend to crackdown on this practice.

See also: Stock market manipulation in crosshairs after high-profile arrests

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