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Stocks decline on continued bleak economic outlook
The VN-Index stopped its rally of recent days on Dec. 23, dropping 6.12 points to close at 303.93, as most major stocks showed declines.
The Ho Chi Minh Stock Exchange witnessed 113 losers and only 31 gainers on the day. While newcomer Hoang Anh Gia Lai (HAG) hit the ceiling of its regulated trading band and Pha Lai Thermal Power (PPC) advanced 3.3 percent, most major shares experienced remarkable lows.
Trading volume picked up significantly over the Dec. 22 session, however, increasing 31 percent to 19.7 million shares on a total turnover of 615 billion VND (37.3 million USD). Sacombank (STB) maintained its place as most active share, with 1.7 million traded, followed by PetroVienam Finance (PVP) with about 1 million.
Foreign investors returned to being net buyers, picking up 1.3 million shares with a net purchases value of 43.3 billion VND (2.6 million USD).
The Dai Viet Securities analysis department said that investors so far this week were still maintaining moderate transactions, waiting for the Government’s final decision on its 6 billion USD economic stimulus plan.
Foreign capital inflows sourced from crude exports were expected to decline, it said, quoting PetroVietnam’s estimate that its revenues would fall by 6 billion USD this year if world oil prices stayed around 50 USD per barrel.
The analysts said the market was also feeling the impacts of economic conditions, with export values of many goods dropping significantly last month, and November’s total of foreign direct investment reaching its lowest level since the beginning of 2008.
Vietnam International Securities analysts said, however, that the economic slowdown could turn in the stock market’s favour, with banks now offering lower returns on investor deposits of between 6 and 8 percent per year.
In Hanoi on Dec. 23, the HASTC-Index slipped 2.41 percent to end the day at 105.25, with 105 codes advancing and 31 declining. Trading volume was 6.3 million shares worth 134 billion VND (8.2 million USD).
Asia Commercial Bank led the northern exchange with 930,000 shares changing hands, followed by Kim Long Securities (KLS) with 851,000 shares, and Bim Son Cement Joint Stock Co. (BCC) with 723,000.
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