Shares continued to slide on the HCM City Stock Exchange yesterday, but a rebound in the final minutes of trading stave off losses on the Ha Noi bourse.
On the HCM exchange, the VN-Index closed off 0.47 per cent to 408.60 points, with decliners outnumbering advancers by 121-90. The value of trades fell to nearly VND558 billion (US$26.6 million), while volume slumped 15 per cent from the previous day to just 29.8 million shares.
Blue chips continued to lose value, while only Phu My Fertilisers (DPM) and PetroVietnam Finance (PVF) posting gains among the 10 leading shares by market capitalisation.
Shares in the real estate sector saw the greatest declines, losing an average of 5-7 per cent over the last few days of trading on both bourses, according to a Kim Eng Securities Co report.
"The sector will face more challenges as debts mature but they are unable to secure new financing from banks due to limitation on credit for non-manufacturing sectors," commented ACB Securities Co analyst Nguyen Duy Phong.
Military Bank (MBB) was the most-active code in HCM City, with over 1.1 million shares changing hands, but it finished the day down 2.4 per cent to VND12,000 per share.
On the Ha Noi Stock Exchange, the HNX-Index recovered slightly from the previous day's record low to reach 65.13, an increase of 0.17 per cent.
"Since the Index is still ranging between 65-66 points, we can only define its trend after a few more sessions," said ACB Securities Co technical analyst Hoang Huy. If the Index passed 66 points, it could then turn into a resistance level of 71-72 points, Huy added.
The volume of trades in the capital city fell by 11 per cent from Monday, totalling 24.6 million shares worth just VND262.6 billion ($12.5 million).
Despite mounting concerns over the liquidity of small securities firms, brokerage houses were still the most favoured codes in Ha Noi, with Kim Long Securities Co (KLS) and VNDirect Securities Co (VND) again being the most-active shares, with KLS seeing a volume of 2.78 million shares and VND 1.8 million shares.
Foreign investors were net sellers on both bourses yesterday, unloading a combined net of VND39.76 billion ($1.8 million) worth of shares.
(source: VNS)
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10/11/2011 09:37:23 AM | 