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Stock lose, trading values down
Share markets in Ha Noi and HCM City took a tumble yesterday with both markets reporting a decline in trading value.
In HCM City, the VN index fell 0.5 per cent to 491.78 points, with the VN30 dropping an even further 0.75 percent to 544.15 points.
At the top end of the market, the 30 biggest shares, based on market capitalisation and liquidity, reported a majority loss by 23-5.
Logistics firm Gemadept (GMD) reported the biggest loss of 5.8 per cent, whilst Pha Lai Thermal Power (PPC), financial conglomerate Ocean Group (OGC) and property developer Hoang Anh Gia Lai (HAG) had smaller losses between 2.8-5.8 per cent.
Strong performance from Vinamilk (VNM) and PetroVietnam Gas (GAS) kept losses to a minimum despite strong selling pressure across the bourse.
Overall trading dropped 28.3 per cent below Wednesday's value to VND997.16 billion (US$47 million) with a total volume of 42.25 million shares.
On the Ha Noi Stock Exchange, the HNX-Index fell 1.08 per cent to 61.52 points, reporting a total trading value of VND138.1 billion ($6.5 million) and 19.6 million units.
The HNX30 shed 1.34 per cent with trade closing at 115.08 points.
Meanwhile, foreign investors continued to sell off major stocks in Ha Noi, shedding a total stock of VND42 billion ($1.9 million), including shares in Sai Gon – Ha Noi Bank (SHB), PetroVietnam Construction (PVX) and Kim Long Securities (KLS).
Newcomers included the Viet Nam Asset Management Company (VAMC) floated behind expectations of July 9.
"I believe the effects of the news to the market will not be large, as they were actually reflected during the last two months," Bao Viet Securities Co analyst Tran Hai Yen commented.
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