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VN-index continues to spiral down
The VN-index continued its downward spiral yesterday as share prices rose worldwide amid renewed hope that a revised version of a US financial rescue plan would be adopted by the US Congress.
During yesterday's trading sessions, however, there was no signal of a massive sell-off which happened the day before, both in the HCM City Stock Exchange (HOSE) and the Ha Noi Securities Trading Centre (HASTC).
The psychology of investors obviously stabilised after the world finance market recovered early yesterday morning.
At the end of yesterday's trading session, the VN-index lost 2.29 points to close at 454.41.
Up to 71 shares out of 164 shares and fund certificates listed on the HOSE declined while 75 advanced and 18 remained unchanged.
Close to 18.8 million shares worth more than VND703.5 billion changed hands in comparison with 4.6 million shares and 177.6 billion in the second session.
Among the largest advancers were VNM of Vinamilk, which climbed VND4,500 to close at VND95,000 per share; and SHC of Sai Gon Maritime company, which rose VND1,900 to end the day at VND40,400 per share.
The bourse also saw a strong decline in SJS of Song Da Urban&Industrial zone Investment and Development company which slid VND4,500 to end at VND93,500 per share. Followed by TCT of Tay Ninh Cable Car Tour Company which slipped VND4,000 to close at VND108,000 per share.
STB of Sacombank once again was the most active share with 3.11 million changing hands.
On Tuesday State Bank Governor Nguyen Van Giau said he was assured that the crisis on Wall Street would not cause a domino effect on the domestic financial sector as the liquidity of local banks and the foreign currency reserve were at secure levels.
Huynh Anh Tuan director general of SJC Securities said investors over-reacted to the US Congress's rejection of the rescue plan for the ravaged financial sector.
Perhaps the bailout package had been over-emphasised and the fallout from the vote against it made a strong negative impact on investors' mentality.
The country's economy brightened with September's CPI standing at 0.18 per cent. The foreign currency and banking system remained stable and foreign direct investment capital hit record highs. With such positive news, there was no reason to pull the stock price down, Tuan said.
Dinh The Hien, an independent analyst, warned local investors to be calm as Vietnam's economy had stabilised. He reminded investors that they should neither view the failed financial rescue plan negatively nor sell out their shares.
In Hanoi, the rising prices of most blue-chips helped the HASTC-Index bounce back with a rise of 1.15 points to end the day at 149.7 points.
A total of 11.5 million shares were traded worth VND390.7 billion. The northern bourse saw 66 advancers, 80 losers, five unchanged and two remained in active.
KLS of Kim Long Securities topped the listed shares with 1.59 million shares changing hands, followed by ACB with 980,000 shares traded and PVS with 690,000 shares.
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