|
VN-Index wraps up an unimpressive week
The volume of buying and selling of shares was relatively equal in the last few days, making the week after the long holiday somewhat unimpressive.
Last week the VN-Index rose only 1.40 per cent to 546.66.
Blue chips were not included in the list of the biggest gainers last week, while small stocks were better show-cased.
Thu Duc Trading and Import-Export (TMC) gained the most with a 15.4 per cent increase to end at VND42,600, Doan Xa Port (DXP) stock went up 15.3 per cent to end at VND33,900, and DIC Investment and Trading (DIC) went up 15.2 per cent to end at VND24,200.
Some usually solid stocks such as, Pha Lai Thermal Power (PPC) and Kinh Do Corporation (KDC), experienced significant losses in the market with decreases of 9.1 per cent to VND34,900 and 6.2 per cent to VND68,000, respectively.
"Investors continued profiting by selling off blue chip stocks, which made some of those stocks take a downturn this week," said local brokerage EuroCapital Securities.
There was also no evidence last week that lower-than-expected inflation was enough to spur purchases while no supporting news came last week.
The southern market saw a total 71.07 million shares change hands in the week, generating a turnover of VND2.93 trillion (USD177.58 million.
The biggest market-capitalised codes saw a lot of trading. These include firms such as Sacombank (STB) with 10.22 million shares, followed by Cable and Material Telecoms (SAM) with 3.76 million shares, and Hoa Phat Group (HPG) with 3.25 million shares.
Foreigners were very active in local exchange this week with 4.56 million shares bought and 9.13 million sold. Buys from this sector were primarily of blue chip stocks, such as Financing and Promoting for Technology (FPT), Vinamilk (VNM) or HPG.
Last week, the Viet Nam Securities Depository released data on foreign trading registered in me centre. As of September, the local exchange has registered over 12,000 foreign investors.
"This number proves the local exchange has been attractive for foreigners, despite the difficulties it has experienced," said the brokerage.
Huynh Anh Tuan, director of SJC Securities, said the volume of foreign activity in the local exchange during this period was quite normal.
"If we analyse the huge sales and purchases made by local investors recently, we can understand how common these actions are for the foreign sector," Tuan added. He claimed that foreigners now see better performance in the local economy, which has ensured them steady profits with securities investments.
"In addition, a series of newly unlisted shares will come to the bourse during the final months of 2008, encouraging foreigners to sell stocks and to invest in new ones. Huge sales from overseas funds is a given," Tuan said.
The HASTC-Index in the northern market went a different direction last week as it slid a total of 1.17 per cent to 189.14. The market saw 38.84 million shares change hands, with a total turnover of VND1.91 trillion (US$115.76 million).
Despite the overall downturn, some stocks still retained their upward trend, such as Kim Long Securities (KLS), with an increase of 22.1 per cent to VND32,100, and Bao Viet Securities (BVS), which went up 22.2 per cent to VND82,600.
However, due to a significant volume of new shares pipelined into the market last week, the index could not keep its upward trend. Last week, the northern market welcomed over 18 million shares from Vinaconex (VCG) and Electricity Construction Co (VE1).
According to EuroCapital Securities, the market this week would continue to view a promotion in liquidity from some commercial banks which have carried out securities lending as good news which will spur some trading.
VNN
|
