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Trading sluggish as shares slide
The VN-Index pared back Wednesday's gains on the HCM City Stock Exchange, slipping slightly by 0.4 per cent to 498.22 points.
Trading was sluggish with just VND486.2 billion (US$22.9 million) traded, equalling 28.3 million shares. Trading dropped by almost a half compared to the previous session.
Nearly two-thirds of the 30 largest stocks in terms of capitalisation and liquidity tracked by the VN30 also fell in value. Only three managed to rally. They were steelmaker the Hoa Sen Group (HSG), Military Bank (MBB) and private equity group Masan (MSN), adding between 0.56-0.76 per cent.
The VN30 lost 0.6 per cent to end at 550.07 points.
FPT Securities Co analysts said that the VN-Index would have to test the 500 point support level again, after it had reached 500.10 points during Wednesday's session, the index failed to exceed this level yesterday and analysts have predicted that it will drop further today.
On the Ha Noi Stock Exchange, the HNX-Index closed at 61.81 points, a slip of 0.6 per cent.
Trading value on the northern bourse was also low. Nearly 15.2 million shares changed hands, for VND138.5 billion ($6.5 million).
The HNX30, representing the exchange's top 30 shares, shed 0.5 per cent to close at 114.60 points.
Shares in the Asia Commercial Bank (ACB) fell back by 1.3 per cent yesterday after the Ministry of Public Security's investigation agency announced it was ending its year long investigation into financial fraud committed by the bank's co-founder Nguyen Duc Kien and his associates.
Kien and seven co-conspirators were indicted on four charges, including illegal trading, appropriating properties, tax evasion and contravening the law on economic management. Their actions caused serious damage to the bank as well as a number of companies in Ha Noi and HCM City.
Foreign investors extended their net selling value by VND10 billion ($471,600), mainly offloading the shares of Eximbank (EIB), PetroVietnam Construction (PVX), Vietinbank (CTG) and PetroVietnam Technical Services (PVS).
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