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Stock indices fall on lower volume
Viet Nam's stock indices fluctuated and then closed down on both the country's stock exchanges yesterday despite rises in the Asian stock markets.
In the HCM City Stock Exchange, the VN-Index closed down 0.62 per cent to 451.71. In all, 35.68 million shares worth VND932.4 billion (US$47.8 million) were exchanged - a fall of about 7 per cent by both value and volume.
Declines were three times higher than advances and only four of the 10 largest capitalised shares - Hoang Anh Gia Lai (HAG), Hoa Phat Group (HPG), Masan Group (MSN) and Sacombank (STB)- posted gains.
The finance group, Ocean Group (OGC), which invests in banking and real estate, continued as the most active stock on the southern bourse with almost 2.9 million shares exchanged.
OGC closed unchanged at VND31,600 ($1.62).
Tay Bac Minerals Investment Co (KTB) was traded for the first time on the HCM City exchange and the stock closed unchanged at VND40,000 ($2.05) with just 3,000 shares exchanged.
Losers
In Ha Noi, the HNX-Index fell for a third consecutive session to 125.81 to a decrease of 1.16 per cent over Thursday's close.
Both market volume and value declined 12 per cent to almost 23 million shares worth VND554.6 billion ($28.4 million).
Losers outnumbered gainers 198-67.
Blue-chips tumbled.
Of the 10 leading shares by capitalisation, only Tien Phong Plastic (NTP) closed higher.
PetroVietnam Construction (PVX) resumed its role as the most active stock with 2.88 million shares changing hands. PVX lost 1.7 per cent of its value to VND22,800 ($1.17).
Two companies - construction enterprise Vinavico Company (CTA) and Ocean Hospitality And Service (OCH) were listed on the northern market yesterday.
CTA fell 1.5 per cent from its opening price to VND25,500 ($1.31) on 133,000 shares exchanged and OCH declined 10.7 per cent to VND26,800 ($1.37) on a volume of 245,000.
Online financial information service vietstock.vn analyst Nguyen Quang Minh said the day's trading showed that investors remained cautious.
Although credit growth was expected to have grown more than 3 per cent in September to a total of 19.5 per cent for the first nine months, many worried that the Finance Ministry would tighten securities trading.
"The low prices for many shares were sufficiently attractive enough to draw investor capital and the market is likely move sideways for the next several sessions," he forecast.
Viet Capital Securities Co analysts said domestic investors were still drawn to the gold and forex markets partly because of the stock market doldrums.
Gold prices remained high at about VND31.2 - 31.3 million ($1,600-1,605) per tael - a tael is the equivalent to 1.2 troy ounces - yesterday afternoon while the US dollar was traded at almost VND19,700 per dollar on the street.
Foreign investors continued as net buyers on both exchanges and picked up a combined VND66 billion ($3.4 million) worth of shares.
vietnamnet
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