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Market grinds to a halt as Index falls
Liquidity on the Ho Chi Minh City Stock Exchange on May 13 slumped to the lowest level in two years with only 1.3 million shares traded, worth only about 49 billion VND (3.06 million USD).
The volume represented a decline of more than 30 percent from Monday’s trading.
The VN-Index lost 8.12 points on the day, or 1.65 percent, to close at 483.92. There were now gainers, with only 10 shares standing pat and another 142 declining.
Most shares hit the floor, including the day’s most-active shares, FPT, Saigon Securities Inc (SSI) and Sacombank (STB).
Share prices overall have fallen about 60 percent since peaking in March of 2007, but the latest plunge seems to have no end in sight, with six straight sessions declining.
Foreign investor volume on May 13 was also meagre, with fewer than 329,000 shares bought, a third of Monday’s figure, and 123,600 sold.
In Hanoi , the HaSTC-Index followed the VN-Index on May 13, breaking below its own psychological barrier of 150 points to close at 147.86, a loss of 3.41 points or 2.25 percent. Trading volume was only 535,700 shares with a total value of 17.6 billion VND (1.1 million USD).
Since the beginning of the year, shares in construction and real estate sectors, heavily represented on the Hanoi bourse, have seen the sharpest decline of 70 percent, followed by banking and financial stocks at 68 percent, according to Ha Noi Securities Trading Centre’s statistics.
Shares in the energy sector have seen the least dramatic decline, dropping only 35 percent overall.
VNA
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