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Shares plunge ahead of long holiday
Shares fluctuated in the afternoon on both exchanges but still closed in the red ahead of the long holiday, as prolonged sluggish trading further eroded investors' confidence.
On the HCM City Stock Exchange, the VN-Index dropped 0.44 per cent to close yesterday's session at 474.51 points, with total market value decreasing 14 per cent from yesterday's session to nearly VND484.4 billion (US$23.1 million).
Tan Tao Investment Industry (ITA) continued to be the most active share on trades of over 4.4 million shares, but the shares fell 3.13 per cent to settle at VND6,200 a share.
Bac Giang Exploitable Minerals (BGM) was the biggest gainer yesterday, however, hitting the ceiling price of VND4,600 a share with 1.9 million shares traded. This was BGM's fifth consecutive session hitting the ceiling, despite the company's posted loss of VND6.1 billion ($290,500) in the first quarter.
Blue chips' performances were mixed. While Bao Viet Holdings (BVH), Hoang Anh Gia Lai (HAG), Hoa Phat Group (HPG), Vietinbank (CTG) and Sacombank (STB) gained modest value, other heavyweight stocks lost out, including Vinamilk (VNM), Sai Gon Securities Inc (SSI), PetroVietnam Finance (PVF) and Southern Rubber Industry (CSM).
The VN30 (tracking the top 30 shares on the bourse) edged up 0.03 per cent to 533.37 points.
On the Ha Noi Stock Exchange, the HNX-Index declined further in the afternoon, losing 0.56 per cent to finish yesterday at 58.36 points.
Trading continued to decline, reaching nearly 41 million shares worth VND279.1 billion ($13.3 million). PetroVietnam Construction (PVX) was the most active code with 4.2 million shares exchanged, rising a healthy 2.22 per cent to close at VND4,600 a share.
Listed companies showed no signs of improvement this quarter, according to Bao Viet Securities Co. More than half of 163 non-manufacturing firms saw their profits decline when compared to the same period last year.
"This is not all data from all listed companies, but it nevertheless suggests that the business situation is still weak, so we maintain a cautious view on the market," analysts of Bao Viet Securities Co wrote in a report, advising investors to hold onto their cash and minimise stock trading.
Foreign investors increased their buying on both markets, but their net buys were still modest, totalling barely VND53.5 billion ($2.5 million) in shares yesterday.
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