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Shares fall on slower foreign buys
The VN-Index declined by 0.6 per cent on October 08 to close out Friday's trading at 459.26 points, ending three successive days of gains.
The volume of trades on the HCM City Stock Exchange decreased by 17.4 per cent from Thursday's session, however, totalling just 30.2 million shares worth a meager VND777.2 billion (US$39.9 million).
Decliners outnumbered advancers by 162-48.
No longer propped up by heavy buys by foreign investors, leading shares tumbled. Insurer Bao Viet Holdings (BVH) plunged to its floor price of VND60,000 ($3.08) after rising to its ceiling price for the three previous days.
Of blue chips, only Masan Group (MSN), real estate developer Vincom (VIC), dairy giant Vinamilk (VNM) and Phu My Fertilisers (DPM) advanced, with the latter becoming the most-active share on a volume of 1.5 million units.
Foreign investors decreased their buys to just 4 million shares, worth VND152.7 billion ($7.8 million) and accounting for 19.6 per cent of overall market value – down from being responsible for over half of market value in the previous session. They were net buyers on the HCM City market of over 1.3 million shares worth nearly VND85 billion ($4.3 million).
Hoang Thi Hoa, Head of Viet Capital Securities Co's analysis department, said foreign buys had saved the market from declines for several sessions but they were focused on a few blue chips.
"The market is still waiting on new domestic investment and lower bank interest rates to ease the capital crunch for companies," Hoa said.
VNDirect Securities Company analysts suggested that the recent wave of foreign investment was not long-term investment and was purely focused on a few large-cap shares. Meanwhile, most listed shares were either stagnant or declining, accompanied by sluggish volume, suggesting the market remained unready for a stable uptrend.
On the Ha Noi Stock Exchange yesterday, the HNX-Index dropped for a second day to 121.71, a decline of 0.74 per cent. Volume increased slightly to about 23.5 million shares, worth VND564.6 billion ($29 million). Decliners outnumbered gainers at a four-to-one ratio.
PetroVietnam Construction (PVX) was again the most heavily-traded on a volume of 2 million shares, but PVX fell by 1.32 per cent to close at VND22,400 ($1.15) per share.
Foreign investors were net buyers on the Ha Noi market yesterday, picking up just VND7.4 billion ($381,000) worth of shares.
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