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Sluggish trades weigh on indices
Stock prices lost the gains from Tuesday, plummeting on the two national stock exchanges, while investors worried about uncertainties in the market.
On the HCM Stock Exchange, the VN-Index lost 1.35 per cent to finish yesterday at 439.77 points. Total market value decreased by 21.5 per cent on Tuesday, to VND652.5 billion (US$31.1 million), while trading volume declined by 15 per cent, to 50.7 million shares.
Only two of the 30 leading stocks posted gains, leaving the VN30 Index down 1.09 per cent, to stand at 500.28. Among the few winners were Refrigeration Electrical Engineering Corp (REE), up 1.38 per cent to VND14,700, and PetroVietnam Finance (PVF), up 2.43 per cent to VND12,600.
Telecommunications equipment provider, Sacom Development and Investment (SAM), saw the highest volume, with 3 million trades, with their stock value climbing by 3.28 per cent to settle at VND6,300.
FPT Securities Co analysts said that investors were avoiding risks after Tuesday's rally for fear of short-term losses. They said that what the market needs more consistent rises rather than unpredictable and sudden ups and downs.
The Ha Noi Stock Exchange was more active, with trading volume on the floor up 20 per cent from the previous session, to 79.2 million shares, worth a total VND665.6 billion ($31.7 million).
The benchmark HNX-Index, however, fell 1.66 per cent, to 73.25 points, as losses outstripped gains by 219 to 57.
Ha Noi-based lender Habubank (HBB), the most active stock on the Ha Noi bourse, with 15 million shares traded, edged up 1.4 per cent to close at VND7,000, on the heels of the news that the State Bank of Viet Nam approved the plan for a merger with Sai Gon-Ha Noi Bank (SHB).
Ha Noi General Investment Corp. (SHN), on the verge of bankruptcy, has had 11 successive bad sessions on the trading floor. However they were second in terms of liquidity, with 11 million shares traded. Their share price rose by 6.66 per cent for the first time after a long losing streak, closing yesterday at VND3,200.
Foreign investors continued to purchase Vietnamese stocks on both exchanges, buying up a combined VND51.2 billion ($2.4 million) worth of shares.
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