The VN-Index closed down by another 1 per cent yesterday to 387.87 points, as investors on the HCM Stock Exchange continued to unload shares.
The volume of trades, which included both order-matching and negotiated trades, was little changed from a day earlier, totalling over 37 million shares, but the value of day's trades spiked by over 57 per cent to nearly VND878 billion (US$41.8 million).
However, shares exchanged through negotiation, totalling VND510 billion ($24.3 million), accounted for 58 per cent of this value, with shares of Masan Group (MSN) seeing trades of 3 million shares by this method, with a value of nearly VND365 billion ($17.3 million).
News that the State Bank of Viet Nam had excluded some real estate developers from being categorised as non-productive businesses, enabling them to more easily access bank loans, failed to boost real estate shares overall, as 13 out of 55 real estate codes dropped to the floor price, while 19 others shed value. Losers included major developers like Vincom (VIC), Song Da Urban & Industrial Zone Investment and Development (SJS) and Khang Dien House Trading and Investment (KDH).
Real estate services provider Hoang Quan (HQC), the most-active share yesterday with nearly 3.8 million traded, also hit its floor price of VND7,300.
On the Ha Noi Stock Exchange, the HNX-Index closed the day in positive territory, reversing the previous session's sell-off and gaining nearly 1 per cent to close at 63.06 points. The value of trades fell 28.5 per cent to just VND278.8 billion ($13.1 million) on a volume of 30.6 million shares.
Nguyen Vinh Minh Thanh, general director of a real estate company, cautioned investors that, with current rates of inflation, allowing investments to idle for a year could reduce their value by one-fifth. He said the best way to restore the value of capital was to invest in the stock market, which still offered the prospect of the highest returns in the face of very low stock prices. The most important thing was to seek the right shares in which to invest.
"When the market recovers, stock investments will bring about unimaginable profits," Thanh said.
(source: VNS)
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17/11/2011 09:04:30 AM | 