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Markets turn skittish as investors eye inflation
The VN-Index posted a second day of small gains, picking up 0.73 per cent to close at 419.48 as investors continued flinching over warnings about the economic situation.
Volume on the HCM City Stock Exchange fell 15.6 per cent from Tuesday’s session to only 18.6 million shares, worth a total of VND687.3 billion (US$38.6 million), while Sacombank (STB) maintained its position as the most active share, with 3.3 million units traded, accounting for 16.8 per cent of the market total.
On the Ha Noi Stock Exchange, the HNX-Index closed off from Tuesday’s turnaround by 0.39 per cent, ending the day at 139.82.
Market turnover remained modest at VND318.15 billion ($17.8 million), with 10.4 million shares changing hands. In a surprise, the most active share on the northern bourse was Vinashin Petroleum Investment & Transport (VSP), with 1.8 million trading, making up 17.3 per cent of the day’s trading volume.
Dam Hong Son, a securities analyst from Artex Securities Co’s market analysis department, said investors were wary of inflation returning.
"Meanwhile, the number of shares being pumped into the market is growing more than the available capital, which has tended to drive down share prices," he said.
Son attributed the insignificant impact of solid first-half earnings reports to the predictability of the results in a time when the business environment was not undergoing many changes.
"The decisive issue is what percentage of profit listed firms publicly announce [in the first half]," he added. "They could save some percentage to the next quarters in case of a gloomy market."
But, he added, "if inflation is curbed, the market would surge above 550."
Au Viet Securities Co analysts said that trades by foreign investors had signalled a positive trend for long-term investment, with foreign investors yesterday marking their 20th session as net buyers, picking up a net of 4.4 million shares on both of exchanges.
Au Viet pointed to the possibility of the US Dow Jones reaching 9,000 overnight as a supportive factor for the domestic market today, suggesting long-term investors direct capital based on second-quarter business performance. They advised day traders to stay out of the market due to current worries over tightening credit.
On the unlisted public companies market, the UPCoM-Index continued dipping, shedding another 1.64 per cent to close at 68.43. Volume was 132,326 shares, worth a total of only VND1.6 billion ($89,887).
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