While global stocks rallied late last week on encouraging news out of Europe, shares on Vietnamese stock exchanges tumbled, with leading indices on the Ha Noi and HCM City exchanges declining by about 2.2 per cent and 3.5 per cent, respectively, from the previous week's close.
On the Ha Noi Stock Exchange, the HNX-Index fell to an all-time low of 63.60 points – a 49-per-cent plunge since the beginning of the year. The average daily value of trades during the week tumbled by over 33 per cent, averaging VND252.6 billion (US$11.8 million) on a volume of 25.3 million shares.
On the HCM City Stock Exchange, the VN-Index benchmark closed on Friday at 396.30 points. The average value and volume of trades slumped 18 per cent, to around VND543 billion ($25.5 million), with a daily average volume of 30 million shares changing hands.
Last week, international credit rating agency Standard & Poor's revised the risk assessment for Viet Nam's banking industry to the highest level and set the country's economic risk even higher.
"Meanwhile, interbank interest rates have undergone sudden changes, and some banks are suffering higher rates than usual, of around 25-30 per cent," said Kim Eng Securities Co analyst Phan Dung Khanh.
"Caution is dominating the market and increasing sell pressures," said Nguyen Van Quy from FPT Securities Co. "If some major blue chips continue to decline, the pressures will grow even more."
Kim Long Securities Co (KLS) late last week announced that, as of November 7, it had disbursed over VND1 trillion ($46.9 million) this year, raised from last year's share issue, towards inhouse trading activities. An investor described the move as a "terrible mistake," saying that it would have been better to wait for better opportunities when the market recovered.
The State Securities Commission last week cracked down on securities firms and investors buying and selling stocks in the same session in contravention to provisions of Circular No 74.
Meanwhile, a Government bond auction on Thursday failed to attract any buyers whatsoever, as the registered yields all exceeded the offered yields for the issue.
Looking to the coming week, analysts of the financial information website vietstock.vn suggested investors watch for measure to be rolled out by the Ministry of Construction to help stimulate the nation's frozen real estate market. "This is a positive message which could help real estate shares gain value in the short term," they said. "But we think that the stock market should only expect a small-scale rally since monetary policy remains primarily focused on curbing inflation rather than economic growth."
(source: VNS)
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14/11/2011 10:07:35 AM | 