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Bargain buys hold down stocks
Shares fell again on the two national stock exchanges yesterday but the pace slowed as investors started to bargain.
On the HCM City Stock Exchange, the VN-Index slipped just 0.37 per cent to end at 581.67 points. Large-cap shares continued to lose value, pushing the VN30 down 0.32 per cent to 658.02 points.
Over 60 per cent of codes sank across the board, including many blue chips such as Masan Group (MSN), FPT Group (FPT), Hoang Anh Gia Lai Group (HAG), Ocean Group (OGC) and Eximbank (EIB).
Trading decreased yesterday with nearly 147 million shares worth VND1.47 trillion (US$69.7 million) changing hands, down 15 per cent in volume and 48 per cent in value compared to the previous session.
Investors' bargains helped calm the markets, but as they tried to buy at low prices, it became increasingly difficult for the market to rebound, analysts of Investment Vietnam Securities Co wrote in a note.
"Selling pressure on penny and hot stocks is high and that's what we are worried most about," they said, noting that hot stocks like Duc Long Gia Lai Group (DLG), Mien Trung Petroleum Construction (PXM), PVC Petro Capital and Infrastructure Investment (PTL), An Duong Thao Dien Co (HAR) and Agribank Securities (AGR) would be under selling pressure after a long increase.
Except for PXM, which hit the ceiling price yesterday, others declined on big trades.
Tan Tao Investment Industry Corporation (ITA), the most active stock yesterday with 13.5 million shares, climbed 2.11 per cent to VND9,700 per share after reporting that profits doubled last year.
On the Ha Noi Stock Exchange, the HNX-Index declined by 0.93 per cent to close at 85.68 points. Market volume declined 20 per cent from Tuesday to over 94 million shares worth VND1 trillion ($47.4 million).
The PetroVietnam Construction Company (PVX) was again the most active share on the northern bourse, with 10.7 million shares traded at the unchanged price of VND6,400 per share.
Foreign investors continued to buy local shares, concluding yesterday as net buyers on both bourses with a combined net buy value of VND38.6 billion ($1.8 million).
vietnamnews
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