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Exchanges see mixed trading
Shares finally gained points on the Ha Noi Stock Exchange May 3rd while they failed in HCM City.
On the northern bourse, the HNX-Index edged up 0.4 per cent to 79.69 points. Gainers outnumbered losers by 175-112.
The value of trades increased slightly over Wednesday's session to VND938.5 billion (US$44.6 million) on a total of 94.4 million shares exchanged.
Habubank, the target of a new banking merger, still closed at its floor price and saw the highest trading volume nationwide with 14.5 million shares changing hands.
The market yesterday welcomed good news about a tax exemption scheme worth VND25 trillion ($1.2 billion) being considered by the Ministry of Finance, including several measures to tackle the problems with the corporate income and value added tax.
In addition, during a meeting on Wednesday, deputy director of the Electricity Regulatory Department Dinh The Phuc said that the electricity rate would not increase at present.
On the HCM City Stock Exchange, the VN30 tracking the bourse's 30 best stocks lost nearly 0.7 per cent to rest at 536.10 points. Meanwhile, the benchmark VN-Index declined 0.8 per cent, reaching 468.80 points.
Around 103.9 million shares were traded, worth a combined value of VND1.57 trillion ($74.7 million) and accounting for just 87.2 per cent of the previous day's level. Most blue chips tumbled, notably food processor Masan Group (MSN) and financial firm Ocean Group (OGC), which bottomed out. However, some managed to rise, including Phu My Fertiliser (DPM), property developer Hoang Anh Gia Lai (HAG) and software producer FPT, which hit its ceiling price of VND65,000 ($3) per share.
"Demand grew during the afternoon session to help cut off the decline, but plunging large-cap shares still dipped the indices," said Hoa Binh Securities Co analyst Vu Thai Ha.
It was hard to identify the common trend of the market, but leading shares were showing signs of declining, he added. "Therefore, investors should be cautious."
Foreign investors yesterday were buyers on both exchanges, picking up a combined margin of VND45.1 billion ($2 million).
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