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Investors continue to flee market
Investors continued to unload shares yesterday for fear of a steeper market downturn, causing shares to continue declining on both of the nation's stock exchanges.
On the HCMC Stock Exchange, the VN-Index again lost value in the final minutes of the session, erasing earlier gains and finishing at 382.90 points, a decrease of 0.11 per cent from the previous day's close. Losers outnumbered gainers by 137-79.
The value of the day's trades increased 12.5 per cent, however, totalling VND492.4 billion (US$23.4 million) on a volume of nearly 34.8 million shares.
Prices of dairy giant Vinamilk (VNM) slumped 32 per cent yesterday as the ex-date passed for participation in the company's issue of bonus shares, which would result in a stock split at a rate of 2:1. Vietinbank (CTG) also slid by over 7 per cent as the share price reflected its stock split.
Of the 10 leading shares by capitalisation, only Phu My Fertiliser (DPM) and real estate developer Vincom (VIC) saw modest gains.
Military Bank (MBB) was the most-active share yesterday with nearly 1.4 million changing hands. It closed up 1.2 per cent to VND12,800 per share.
On the Ha Noi Stock Exchange, the HNX-Index erased Monday's gains, sliding by 0.86 per cent to close the session at 61.38 points, with decliners overwhelming advancers by 155-61. Market volume declined nearly 30 per cent to just over 22 million shares, while the value of trades also dropped 25 per cent to just over VND215.1 billion ($10.2 million).
Kim Long Securities (KLS) continued to be the most-active share on the northern bourse with over 2.3 million changing hands, but it closed down 1.9 per cent to VND10,100 ($0.48).
PetroVietnam Securities Co analysts said the prices of most shares had retreated to a very low base on both exchanges, and, if there was no new negative information revealed, the market would unlikely plunge further.
"Despite Government assurances that it would take stronger measures to rescue the real estate and securities markets, investors will retain a cautious attitude unless specific actions are introduced," they wrote in a report. "Therefore, the market will likely fluctuate within a narrow margin."
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