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Late sales in HCM City push VN Index down slightly
An increase in selling activity in the last minutes of yesterday’s session on the HCM City Stock Exchange erased any gains on the day and dragged the VN-Index down by about half-a-per cent to close at 453.76.
Market trading volume rose 6 per cent from Wednesday figure to 49.25 million shares, with a combined value of VND2.04 billion (US$114.6 million).
Sacombank (STB) continued to hold down the spot as the most active share, with 8.4 million traded, accounting for over 16.13 per cent of activity.
Bao Viet Holdings (BVH), the equitised holding company of insurance giant Bao Viet, saw its first day as a listed share, and while the shares rose to a closing price of VND46,200 each, they attracted only a modest 1.5 million orders.
By comparison, Sai Gon-Ha Noi Securities Co (SHS), also seeing its first day of trading, saw 1.83 million shares change hands, as the share hit the ceiling of the trading band to close at VND39,600 a piece.
Sai Gon-Ha Noi Securities is the sixth stock brokerage with shares listed on the market and has a charter capital of VND410 billion ($23 million). Shares sold yesterday were worth VND72.4 billion ($4.1 million).
On the Ha Noi Stock Exchange yesterday, the newly-redesignated HNX-Index fell even further than the VN-Index, closing off over 2 per cent to 154.36 points.
Northern market
The value of the day’s trades on the northern market reached VND811.9 billion ($45.6 million) on a volume of 24.19 million shares, with Asia Commercial Bank (ACB) as the market leader with a volume of 4.3 million.
The newly inaugurated UPCoM fell 6.29 per cent on its second day, to close at 93.79, already below its starting point of 100. Only one UPCoM-listed share saw gains on the day, as cable producer Truong Phu Co (TGP) added 0.9 per cent to close at VND11,800.
Market turnover on UPCoM dropped to a third of Wednesday’s first-day total, totalling VND6.2 billion ($348,314) on a volume of just 380,277 shares. The most active share was SME Securities (SME) with 147,160 traded.
Nguyen Duy Khoa, head of the brokerage department of Kim Eng Viet Nam Securities Co, said that the fluctuation of market indices reflected the unstable psychology towards signals coming from domestic and overseas markets.
Vu Van Minh from SHS Securities agreed, saying, "Less positive news from the US market lowered investor confidence in the prospects for economic recovery."
Meanwhile, no significant supportive news came from the domestic market, Minh said.
Khoa said that the market remained in a phase of adjustment after a strong rally from late April to mid June.
He said the startling turnaround was quite normal in emerging markets which still applied trading bands. "When investors catch a chance to make a proift, they put priority on the sale," Khoa said.
Foreign investors were one of the only supporting factors on the market yesterday. They became net buyers on both exchanges. In HCM City, they bought a net of 3 million shares, while in Ha Noi, the net was 450,000 shares.
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