Shares on the nation's stock exchanges yesterday picked up where they left off at the end of last week and continued to decline.
Inflation and monetary policy remained a standing worry for most investors, said independent analyst Nguyen Viet Hung. Many investors were apprehensive that inflation would heat up again in the final months of the year since the prices of goods traditionally increased as the Tet (lunar new year) holiday approached.
In addition to inflation fears, the central bank's signals that tighten monetary policies would be maintained further depressed investors, Hung said.
SME Securities Co analysts said that third-quarter earnings reports would be one of the primary factors influencing investor pyschology this month. If results of companies with shares that were already highly attractive to speculators, such as securities and financial shares or real estate developers, exceeded expectations, the market could enter another rising phase, they said.
On the HCM Stock Exchange, the VN-Index lost another 1.28 per cent of its value from Friday's close to conclude yesterday's session at 422.12 points. The value of trades also declined by 61 per cent from Friday, reaching just VND495 billion (US$23.8 million) on a volume of only 29.5 million shares.
Decliners outnumbered advancers by 184-48. Eight of the 10 leading shares by capitalisation lost value, with insurer Bao Viet Holdings (BVH) plunging to its floor price. In this group of shares, only Sacombank (STB), up 1.8 per cent, and dairy producer Vinamilk (VNM), up 0.8 per cent, managed gains.
On the Ha Noi Stock Exchange, the HNX-Index also fell yesterday by 1.35 per cent to finish the day at 70.38 points. Trades remained sluggish, with just 36.7 million shares traded, worth about VND363.5 billion ($17.5 million). Losers outnumbered gainers by 211-59.
Kim Long Securities (KLS), the most-active share nationwide, saw 3.6 million shares traded but lost 3.4 per cent of its value to close at VND11,400 per share.
Foreign investors were net buyers on both exchanges yesterday of a combined VND9 billion ($432,700) worth of shares. However, in the past month, they were net sellers of a total of VND1 trillion ($48 million).
(source: VNS)
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04/10/2011 11:01:51 AM | 