Shares hit all-time low in Ha Noi

Shares on the Ha Noi Stock Exchange fell to an all-time low yesterday, with the HNX-Index dropping by another 1.44 per cent from the previous session to close at just 65.02 points. Fears of a more widespread debt crisis yesterday also caused Asian markets generally to dip.

Meanwhile, the value of trades on the Ha Noi market rose slightly over last Friday's close to VND278.7 billion (US$13.2 million), on a volume of 27.5 million shares.

"Interest rates are rising again, and bad debts are also leaving commercial banks increasingly exposed – all of which has adversely affected the securities market," said Kim Eng Securities Co analyst Phan Dung Khanh.

VNDirect Securities Co (VND) was the most-active share on the northern bourse and nationwide, with nearly 3.5 million changing hands.

On the HCMC Stock Exchange yesterday, the VN-Index closed essentially unchanged at 410.52 points. Decliners outnumbered advancers by 151-79, as the value of trades eased from Friday's level to just VND568.3 billion ($27 million). The volume of trades totalled about 35 million shares.

Among blue chips, real estate developer Hoang Anh Gia Lai (HAG), Military Bank (MBB) and steelmaker Hoa Phat (HPG) all bottomed out, while shares of insurer Bao Viet Holdings (BVH), Vietinbank (CTG), Phu My Fertilisers (DPM), PetroVietnam Finance (PVF) and Vietcombank (VCB) all lost ground.

Sacombank (STB) was a rare bright spot, advancing 3.8 per cent after the bank announced it would buy back 107 million shares representing about 10 per cent of its charter capital.

Foreign investors concluded the day as buyers on the southern bourse by a net of VND19.1 billion ($909,500) but were net sellers in Ha Noi by a small margin of just VND2.3 billion ($109,500).

While Viet Dragon Securities Co analysts were predicting that the depressed market would spur investors to once again buy in, Au Viet Securities Co analysts expected the market to remain depressed this week due to weak cash flows and the loss of investor confidence.

(source: VNS)

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