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Penny stocks attract investors
On the HCM City Stock Exchange July 25, the VN-Index Composite fell 0.65 per cent to 412.91 points compared to the previous day's close.
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Source: VietstockFiance
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Decliners overwhelmed advancers by 153-71. About 43.5 million shares changed hands on a turnover of VND707 billion (US$33.6 million).
The rally of seven of the 30 leading shares tracked by the VN30 failed to lift the index, as they were less influential than the remaining 23 shares. The VN30 finally retreated 0.6 per cent, reaching 488.37 points.
Among penny stocks, mineral shares were heavily sold, including Bac Giang Minerals Co (BGM), Na Ri Hamico Minerals (KSS), Binh Thuan Mineral (KSA) – which all bottomed out – and Tay Bac Mineral Investment Co (KTB).
Meanwhile, small-cap Lu Gia Mechanical Electric Co (LGC) yesterday emerged to be a very active listed code with over 1.7 million shares changing hands. It closed at a ceiling price of VND17,900 ($0.80).
HCM City Infrastructure Investment Co (CII) is showing interest in LGC, intending to acquire a major stake in the company. While CII aims to reduce its ownership in subsidiaries and affiliates, it wants to increase the holding percentage from 26.19 to over 51 per cent in LGC.
Le Quoc Binh, director of CII and chairman of LGC, said the market price of LGC shares was lower than book value, while LGC had potential.
LGC's business would be beneficial to CII's infrastructure projects, Binh said.
On the Ha Noi Stock Exchange, the HNX-Index lost another 0.23 per cent from Tuesday's session, standing at 69.68 points.
Blue chips in Ha Noi, such as Asia Commercial Bank (ACB), insurer PVI Holdings (PVI) and construction giant Vinaconex (VCG) were the main force to help the HNX30 decline at the lowest speed among indices. This 13-day-old index slid 0.17 per cent to 132.08 points.
The overall value of trades fetched nearly VND346.9 billion, dropping 27.6 per cent compared to Tuesday's level, on a volume of 37.4 million shares.
PetroVietnam Construction Co (PVX) was still the most heavily traded stock with some 6.5 million shares exchanged.
"Although the declining rate of the market has slowed, investors are more cautious," Hoa Binh Securities Co analyst Nguyen Thi Huong wrote in a note.
Indices were coming back to their previous support levels after four successive sessions of decrease. "Any new recovery will need an improvement in trading volumes to define market trends in the short term," she said.
Huong also advised investors not to buy shares if rally signals were not clear
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