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HCM City shares break losing streak
The VN-Index continued to lose value May 16, closing the afternoon session down 1.26 per cent from the previous day to 449.91 points. The value of trades declined 16 per cent to over VND1.3 trillion (US$62.6 million), while volume totalled about 86.5 million shares.
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Source: VietstockFinance
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Blue chips led the decline, with 21 of the top 30 shares on the HCM City Stock Exchange plunging, including insurer Bao Viet Holdings (BVH), HCM City Infrastructure Investment (CII), financial conglomerate Ocean Group (OGC) and Sacombank Securities Co (SBS), which also fell to their floor prices.
Vietcombank (VCB) also declined by 3.4 per cent to VND34,000 per share. But Sacombank (STB) bucked the trend, rising another 3.4 per cent yesterday on news that it planned to issue $200 million worth of bonds on the Singapore stock exchange next quarter. Real estate developer Hoang Anh Gia Lai (HAG) and food processor Masan Group (MSN) also each saw more modest gains of around 1.5 per cent.
Decliners overwhelmed advancers by 184-62 overall, with the VN30 Index dropping 0.61 per cent to 519.7 points.
SACOM Development and Investment (SAM) was the most-active share yesterday with 2.7 million changing hands. SAM gained 3.6 per cent to settle at VND8,600 per share at the close.
"This seems to be a strong correction in the short term, such as usually takes place over 5-10 sessions, after which the market will quickly rebound," wrote HCM Securities Co analysts in a research note. "Medium-term investors can therefore plan to buy in the next few sessions."
According to the analysts, five consecutive sessions of declines on the HCM City market had increased sell pressures on shares pledged as collateral at several securities firms. Many hot shares have already fallen 15-20 per cent from recent peaks, and the corrective phase may not be over, they said, looking to the central bank to expand interest rate relief to a broader class of borrowers in oder to support the stock market.
On the Ha Noi Stock Exchange yesterday, the HNX-Index recovered from a morning loss, closing up 0.96 per cent to 77.55 points. However, the value of trades was down 19 per cent from Tuesday to just VND651 billion ($31 million) on a total volume of 65.8 million shares. Gainers edged decliners by a margin of 164-113.
Habubank (HBB) continued to be the most-active share on the northern bourse, with 6.4 million traded before it closed unchanged at VND5,600 per share.
Foreign investors were net sellers on the HCM City exchange, unloading shares worth nearly VND55 billion ($2.6 million), but they were again net buyers in Ha Noi, selling off shares worth a net of VND17 billion ($810,000).
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