Stocks fall on poor liquidity

Despite investor predictions that the stock market would recover after the holiday both indices fell on very poor volumes and values Wednesday morning when trading resumed.

On the HCM City Stock Exchange, the VN-Index retreated 0.71 per cent from last Friday's close to finish today at just over 461 points.

Market liquidity was in the doldrums, with just 26 million shares worth VND519.4 billion (US$24.9 million) changing hands.

Sacombank saw 1.2 million shares change hands – the only stock to see trade exceed the 1 million mark on the southern bourse. It closed unchanged at VND13,800 ($0.66) a share.

Decliners outnumbered advancers by 163-47, with blue-chips tumbling.

Among the 10 largest capitalised shares, Vincom (VIC) – the most expensive share nationwide – rose 0.7 per cent to VND135,000 ($6.46). Three financial shares – Eximbank (EIB), Sacombank (STB) and Masan Group (MSN) closed unchanged. Others declined, of which software producer FPT Corp (FPT) hit its floor price of VND55,000 ($2.63).

On the Ha Noi Stock Exchange, the HNX-Index closed 0.93 per cent down on Friday to 89.42 points. Trading volume fell to 18.7 million shares, worth almost VND278.8 billion ($13.3 million).

Losers outnumbered gainers by 182-70.

Kim Long Securities (KLS) was the most active stock on the Ha Noi bourse with 1.7 million shares changing hands. They closed down 1 per cent to VND9,800 ($0.47).

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