Shares continued to slide on both stock exchanges yesterday with the VN-Index closing off 0.95 per cent to 371.75 points while the HNX-Index lost 1.21 per cent to 60.62 points.
Following the six-day losing streak on the HCM Stock Exchange, trading volume decreased 8 per cent to only 34.6 million shares, worth VND534.78 billion (US$25.5 million).
Property developer Vincom (VIC) yesterday hit the daily limit of 5 per cent but still failed to rescue the Index as six of the 10 leading shares by capitalisation slumped. Vietinbank (CTG), and Phu My Fertiliser (DPM) led the slide with losses of 4.4 per cent and 4 per cent, respectively.
Decliners overwhelmed advancers by 145-85 overall. The country’s fourth largest listed bank Sacombank (STB) was again the most active code on the HCM City market with 1.52 million shares changing hands while closing unchanged at VND14,800 ($0.70).
On the Ha Noi Stock Exchange, losers were almost four times higher than gainers, with the volume of the day’s trades declining 5 per cent over Monday, totalling just 24.8 million shares, worth VND204.7 billion ($9.7 million).
Orient Securities Co (ORS) became the most heavily traded share on the northern bourse yesterday with a volume of 1.82 million while closing at a floor price of only VND2,000 a share for eight sessions in a row.
This week, the central bank will take its first steps in restructuring the banking system and introducing solutions for rescuing the real estate and securities market. However, Pham Van Khoa, of Bao Viet Securities Co, said it would take time to consider whether this information would make a positive impact on financial market.
“Although the market doesn’t give much cause for short-term optimism, long-term investors may consider the possibility to jump in the market if the downturn will continue,” analysts with BIDV Securities Co wrote in a report.
They reasoned that even though interest rates had yet to decrease, the downtrend was clear for the time being and there were no reasons to fear higher inflation next year.
“The problem is only the time. Banks have yet to cut interest rates, primarily due to the concerns that this could diminish policy efficiency and reduce people’s confidence in the oversight authority,” they wrote, adding that as prices were too low now, expected profits relative to risks were quite balanced.
Foreign investors continued to unload shares yesterday, responsible for a net sell worth VND11.65 billion ($554,800) in HCM City, but they concluded as net buyers in Ha Noi, picking up over VND2 billion ($99,500) worth of shares.
(source: VNS)
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15/12/2011 09:00:58 AM | 