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City exchange shares fail to lift
Assurances from the Prime Minister late last week that the Government would take measures to stimulate the real estate and securities markets failed to lift shares on the HCM City Stock Exchange yesterday, although stocks recovered in Ha Noi.
In HCM City, the VN-Index opened in positive territory but declined towards the end of the session, closing unchanged from Friday. The volume of trades rose by 32 per cent to 32.6 million shares, for a value of VND437.7 billion (US$20.8 million). Advancers outnumbered decliners by 158-75.
Seven of the 10 leading shares by capitalisation lost value. Insurer Bao Viet Holdings (BVH), food processor Masan Group (MSN), dairy producer Vinamilk (VNM) and Sacombank (STB) saw losses of 1.4-2.1 per cent, while Phu My Fertilisers (DPM) and property developers Hoang Anh Gia Lai (HAG) and Vincom (VIC) posted modest gains.
Sacombank (STB), with over 2 million shares traded, was the most-active stock, but it closed down 2 per cent to just VND14,300 per share. On the Ha Noi Stock Exchange, the HNX-Index gained 1.2 per cent over Friday's close to finish yesterday's session at 61.91 points. Gainers overwhelmed losers by 161-88.
Value soared by over 62 per cent to VND286.7 billion ($13.7 million) on a volume of 31.4 million shares. Despite recent scandals surrounding securities companies, shares of brokerage houses still attracted investors. Kim Long Securities (KLS) and VNDirect Securities (VND) continued to dominate the Ha Noi exchange with volumes yesterday of 4.4 million and 3.7 million shares, respectively.
Many investors expected a rally in the near future as institutional investors and funds tried to run up the value of their assets towards the end of the year. However, analysts warned that this could be a double-edged sword, with major institutions likely to withdraw funds from the market rather than face continued risk.
"The market has not shown signs of attracting capital flows, and investment decisions based on forecasts of the strategies of institutional investors will be risky," Bao Viet Securities Co analyst Pham Van Khoa wrote in a report.
Foreign investors continued to unload shares on both exchanges yesterday and were responsible for a combined net sell of VND52.3 billion ($2.5 million) worth of shares.
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