Shares closed down on both national stock exchanges yesterday despite opening in positive territory. On the HCM City Stock Exchange, the VN-Index lost 0.88 per cent from Friday to close at 410.84 points. The value of trades rose by over 34 per cent, however, to VND442.5 billion ($21 million), with 26.2 million shares changing hands.
Among the 10 leading shares by capitalisation, only those of food processor Masan Group (MSN) posted gains, closing up by 0.9 per cent.
Eximbank (EIB), meanwhile, was the most-active share, with 1.4 million shares traded, before closing down nearly 4 per cent to VND14,900 per share.
On the Ha Noi Stock Exchange, the HNX-Index lost over a per cent of its value to close at 68.46 points. Yesterday's trading remained sluggish with only 25.8 million shares traded, worth just VND251.5 billion ($12 million).
Kim Long Securities Co (KLS) saw the highest volume, 2.2 million shares exchanged. The share price slid 2.8 per cent to VND10,400 despite the company posting a profit for the first nine-months of the year of over VND139 billion ($6.6 million).
Marc Djandji, director of the analysis department of Viet Capital Securities Co, said share prices hit rock-bottom in August and haven't recovered, so at current prices, many stocks have became attractive for medium- and long-term investment.
However, volatility on the gold and foreign exchange markets has once again increased investor uncertainty, Djandji said.
In order for the market to rebound, investor confidence in the value of dong needed to be restored, he added. "The stock market will remain difficult towards the end of this year," Djandji said. "Short rallies will likely depend on stability in the banking system."
However, recent developments in the banking sector have not been favourable, with interbank interest rates soaring to 23 per cent per year for one-month loans and 20 per cent for a one-week term. Banks have also struggled to hold deposit interest rates to less than 14 per cent per year, putting pressure on small bank liquidity.
(source: VNS)
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19/10/2011 10:25:21 AM | 