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Wary investors depress shares
Watchful investor psychology continued to obscure the stock market, driving the VN-Index down another 0.85 per cent to 511.58 points.
The volume of the day's trade on the HCM City Stock Exchange (HOSE) fell by 21.7 percent to just over 42 million shares, while trading value also decreased by more than 25 percent to VND1.77 trillion (US$92.7 million).
While most major shares on the southern bourse lost value, bank shares such as Vietinbank (CTG) and Vietcombank (VCB) posted gains. The Cable and Telecommunication Materials Corp. (SAM) surprised the market as the most active share with over 4.2 million units traded.
SAM shares rose thanks to its removal from the HOSE list of shares under warning because it earned profits last year. It was placed on the list due to posted business losses in 2008, said Au Viet Securities Co's Deputy General Nguyen Anh Thi.
On the Ha Noi Stock Exchange, the HNX-Index also declined by 0.85 percent to end the day at 168.40 points. Trading volume reached over 26.2 million shares, worth a combined total of more than VND891 billion ($46.7 million).
Kim Long Securities Company (KLS) led the northern market with 2.8 million shares changing hands.
"The market performed as it did in February when investors were waiting for the State Bank's prime interest rate decision for the next month," said Thi, noting that investors were cautious and sold shares whenever they could make a profit.
Thi also pointed out that capital investment was shifting quickly from a particular group of shares to another according to supporting information that meanwhile hindered the steady market rise.
While the macroeconomic state currently shows no hidden critical risks and presents a stable growth potential for 2010, most securities companies predicted the market would show a rising tendency for the medium- and long-term, and recommended long-term investors to buy when the market declines.
Foreign investors concluded yesterday as net sellers, responsible for a net sell of more than 600,000 shares, worth a combined VND22.5 billion ($1.2 million). Meanwhile, they were also net buyers with 195,900 shares bought at a total value of VND7.8 billion ($408,376).
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