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Shares tumbled as exchanges reopen after five-day holiday
Shares tumbled as stock exchanges reopened after the five-day holiday, with the benchmark VN-Index on the HCM City Stock Exchange losing 0.3 per cent to close at 473.02 points today.
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Source: VietstockFinance
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MayBank Kim Eng Securities Co analyst Phan Dung Khanh said that May was usually a bad month for domestic stock markets.
"In addition, after the rise from late last year to March this year, investors have been unloading shares," he added.
Although the market this month remained bleak, Khanh said there would be opportunities in the long term. Investors were still buying at low prices, unlike a few years back when shareholders could not sell even at the floor price, he said, adding that it indicated that investors held shares for the long run.
Despite the slight fall, yesterday's session saw gainers outnumber losers by 86-68.
Although market value increased 25.3 per cent over last Friday's session, trading remained sluggish with just 25.8 million shares changing hands, totalling a value of VND606.86 billion (US$28.8 million).
Transactions via the negotiation method accounted for over 40 per cent of yesterday's total value, or around VND264 billion ($12.5 million). Foreign investors negotiated 1.44 million MSN shares in private equity group Masan, worth more than VND150 billion ($7.1 million); 1.4 million PetroVietnam Gas (GAS) shares worth VND71 billion ($3.3 million) and about 999,000 VFMVF1 fund certificates worth VND14.5 billion ($690,470).
The VN30, which reflects the performance of the bourse's leading shares, also declined 0.2 per cent to 536.25 points. The 30 shares tracked by the index were mixed, but most of them retreated. Only four blue chips managed to gain.
Meanwhile on the Ha Noi Stock Exchange, trading of stocks sent the HNX-Index down 0.1 per cent to reach 58.30 points.
Trading value dropped a significant 62 per cent to VND106.4 billion ($5 million) as only 14.67 million shares were exchanged.
The HNX30, composed of the northern exchange's top shares, also failed to retain gains to slide 0.2 per cent to 108.06 points.
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