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VN-Index starts to fall after short-lived rise
Both the southern and northern stock exchanges fell yesterday.
Following last week's strong increase, the VN-Index for HCM City stock exchange slid yesterday, losing 4.81 points to close at 479.
On the southern bourse, of the listed shares and fund certificates, 31 advances were made, 118 fell and 15 were unchanged. More than 18.4 million shares were traded for a total of VND737.6 billion (US$44.7 million).
Shares showing strong increases in value included PVD of PV Drilling and VIC of Vincom, up VND4,000 to VND103,000 and VND99,500 respectively. TSC of Techno-Agricultural Supply Joint Stock Company rose VND3,000 to VND64,000 and DPM of Phu My Fertiliser rose VND2,500 to VND63,000.
Strong decreases were made by TCT of Tay Ninh Cable Car Tour Company, whose shares fell VND6,000 to VND117,000. The SJS of Song Da Urban&Industrial Zone Investment and Development Joint Stock Company and SGH of Sai Gon Hotel both fell VND5,000 to end at VND103,000 and VND97,000 respectively.
STB of Sacombank remained the most active shares with a total of 2.27 million changing hands. This was followed by DPM with 1.53 million shares and HPG of Hoa Phat Group with 1.3 million shares.
BBT of Bach Tuyet Cotton Company, which recently announced it was close to bankruptcy, was traded in the last 15 minutes. A total of 23,500 shares changed hands. BBT had been asked to limit trading until it provided full information about its recovery of production and business.
Pham Minh Duy, an investor with Sai Gon-Ha Noi Securities, said the purchase of BBT shares was carefully considered by investors.
The decrease in the VN-Index decrease was attributed to the large volume of shares sold by short-term investors and a wait-and-see attitude by investors as US lawmakers pushed to finalise a deal to create a $700 billion government fund to buy bad debts.
Business results from the third quarter are also awaited.
Huy Duong an analyst with Hoa Binh Securities, said the US financial crisis made investors more careful about the market, especially new investors.
He added that veteran investors were unlikely to worry unless the VN-index slid rapidly.
In Hanoi, the HASTC-index was down 2.33 points to end the day at 157.98 points. More than 11 million shares changed hands for VND413.7 billion.
Shares in 50 companies advanced, 96 declined, three were unchanged and four were inactive. Foreign investors were the net buyers with a volume of 453,200 worth more than VND18.2 billion.
They also sold 336,300 shares worth VND12.7 billion.
VNN
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