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Gains abroad fail to lift market
The nation’s stock market on May 6 continued to dash hopes of a rally sparked by brighter news this week on world markets.
The VN-Index closed down 2.93 points at 518.35, a decline of 0,56 percent. Trading volume was 6.06 million shares with a total value of 307.45 billion VND (19.2 million USD).
Decliners outnumbered gainers by nearly three-to-one, with 114 codes falling. Financial stocks like Sai Gon Securities Inc (SSI) and Sacombank (STB) continued hitting their floor prices and seeing low trading volumes.
Nguyen Huy Duong, director of analysis and investment of Hoa Binh Securities Co, attributed the problem to lacklustre business results.
“The local financial system is facing a number of difficulties, including with interest rates and the problem of what to do with collateral shares,” said Duong.
A few shares, including those of dairy giant Vinamilk (VNM) and resort developer and operator Vinpearl (VPL), posted gains thanks to strong first-quarter business performance.
Vinamilk earned 309.2 billion in the first quarter this year.
Phu My Fertilisers (DPM) was the most active share, with 586,880 changing hands, followed by Pha Lai Thermal Power at 478,110 shares. Old familiars like SSI and STB, meanwhile, disappeared from this list of most heavily-traded shares.
“While measures from market regulators issued last week sound positive,” said Duong, “they are printed on paper only”.
He urged regulators to back such measures by action as soon as possible to help restore investor confidence.
“I personally think that the transparency of listed enterprises will pay an important role in market development now,” Duong added.
The HASTC-Index also slid on May 6, losing 3.16 points or 1.89 percent to end the day at 163.89.
Trading volume was just over two million shares with a turnover of 73.7 billion VND (4.6 million USD).
VNA
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