|
Index dips on brisk Vinamilk trades
The VN-Index slid by 1.69 percent on Tuesday to a close of 482.89 points, as trading on the HCM City Stock Exchange remained sluggish in the final days before the Tet (Lunar New Year) holiday.
The value of the day's trades poked its nose back above VND1 trillion, but just barely, with market activity totalling just VND1.1 trillion (US$60 million) on the day, with a volume of 24.5 million shares changing hands.
Vinamilk (VNM) was the market leader, with just under 2 million shares sold, as foreign investors focused on the dairy producer by selling off 705,000 VNM shares.
Tai Viet Securities Company analyst Thien Tuong also noted market rumours that a foreign fund had increased trading last week in domestic food and beverage shares.
Foreign investors were net sellers overall yesterday, buying a net of a million shares on both stock exchanges.
On the Ha Noi Stock Exchange, meanhile, HNX-Index dropped by 1.71 per cent yesterday to end the day's session at 158.61. The value of trading reached only VND426.81 billion ($23.1 million) on a volume of just 13.4 million shares.
Kim Long Securities (KLS) reclaimed the biggest volume of 2.3 million.
Profit-taking pressures ahead of the Tet holiday continued to drive sales, Tuong said, while buyers were only placing orders as shares reached their floor prices.
Tuong also blamed the declining market indices this week on unfavourable moves on global markets.
"Many investors prior to the session were worried by the Dow Jones dipping below 10,000 last night," he said. "Local markets will be impacted."
Analysts at BIDV Securities Company said that corporate earnings were no longer having much impact on trading decision, and investors lacked any new economic news that might affect trading.
As a result, market moves would be gradual and fluctuation would be around a tighter range," they predicted, noting that such conditions were hostile to day-trading tactics.
Construction materials, food and beverage and consumer goods shares all remained the investment options with the greatest potential, they added.
vietnamnews
|
