Shares retreat after one-day rebound
Shares retreated yesterday on the nation’s stock exchanges, reversing Mon-day’s unexpected rebound.
On the HCM City Stock Exchange, the VN-Index lost 0.27 per cent of its value to close at 463.52. Market volume fell 10 per cent from the previous session to 36.5 million shares, worth only VND1 trillion (US$55.2 million).
On the Ha Noi Stock Exchange, the HNX-Index slid by an even more dramatic 2.8 per cent to end the session at 136.19 points. Trading volume declined by 15 per cent to just over 29 million shares, worth just VND730 billion ($38 million) in total.
Both benchmark indices opened in negative territory as sell orders increased amid weak demand. The VN-Index dropped below 460 in continuous order matching before rising back to 463, supported by the recovery of a number of blue chips at the latter half of the session.
Those shares include Viet-combank (VCB), Sacom-bank (STB), software giant FPT (FPT), food giant Masan Group (MSN), PetroVietnam Drilling (PVD), PetroVietnam Finance (PVF), Vietnam-Italy Steel (VIS), insurer Bao Viet Holdings (BVH) and Pomina Steel (POM).
STB, the most-active share with 1.5 million changing hands, closed up 0.63 per cent to VND16,000 ($0.83) per share.
By contrast, the Ha Noi market, dominated by penny stocks and mid-cap shares, lacked the sustaining influence of a modest revival in blue chips. Among larger cap shares on the northern market, many continued to shed value, including Petro-Vietnam Construction (PVX), Kim Long Securities Co (KLS), PetroVietnam Insurance (PVI) and Sai Gon-Ha Noi Bank (SHB).
Most active
PVX was, once again, the most-active share nationwide, with a volume of 4 million traded. PVX closed down 0.84 per cent to VND24,500 ($1.28) per share.
Yesterday’s market decline was expected by many analysts.
Bao Viet Securities analyst Nguyen Duc Thi said he was wary of any market uptrend as demand was weak and pressure to sell high.
“The market is likely to fluctuate in the coming sessions, easing off sell pressures before heading toward a more stable rise,” Thi said.
Viet Nam Industrial Securities Co analyst Nguyen Thai Son said increased sell orders during yesterday’s session on the HCM City market was only exploratory.
“Many investors remain cautious over the possibility of a ‘bull-trap’ and are hesitating to buy in,” Son said.
Foreign investors concluded yesterday as net buyers on both exchanges, picking up a net of 2.5 million shares worth a combined VND85 billion ($4.4 million). — VNS
Tags: vietnam stock, Vietnam stock market, Vietnam stock news
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