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Investors stay glum as VN-Index falls
Investors continued to hold back on their trading, pushing the VN-Index even further past the 400-point mark on June 6.
VN-Index closed down 1.41 percent on June 5 at a stunning 390.08. Trading revenue stayed at 70.07 billion VND (4.38 million USD) with 2.43 million shares changing hands, representing a slight increase of 12.85 percent over the June 4 session.
Only eight codes managed to gain anything on June 5, including strong stocks Vincom (VIC), Agifish (AGF) and North Kinh Do (NKD).
Penny stocks continued to dominate, with strong gains by BT6 of Chau Thoi Concrete Corporation No620 and SGT of Saigon Telecommunication and Technologies.
“Predictions of another weak day for the VN-Index drove investors away,” reported the analysis department of SME Securities.
Investors were also expecting more Government intervention in the stock market, warding off any reinvestment although many favourable factors were present, the department noted.
Foreigners kept up their activity in the local market. They became net buyers on June 5 with 234,910 shares changing hands.
“Local traders used to follow what foreigners did. But they can’t now because they’re coping with their own problems,” said Nguyen Hai Hung, a veteran investors with An Binh Securities.
Hung noted that since foreigners were not feeling the effects of problems in the local economy, mainly inflation and lack of liquidity, these issues were not impacting foreign trade. Foreigners continued to prove active, taking advantage of low prices.
In Hanoi , the HaSTC-Index tumbled 1.72 percent on June 5 at 111.65. Trading revenue stuck at 12.66 billion VND (791,250 USD), a reduction of 36.76 percent over the June 4 session.
Just two small caps advanced in the session, while blue chips like ACB of Asia Commercial Bank, and PVS of PetroVietnam Securities plunged by nearly 3 percent, the regulated trading band in the northern market.
VNA
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