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Foreign buys fail to lift market
Local investors continued to unload shares on growing pessimism yesterday, although the low prices attracted foreign bargain-seekers.
On the HCM City Stock Exchange, the VN-Index lost another 0.61 per cent to end yesterday's session at the four-month low of 513.91 points.
The market condition was negative with 187 shares tumbling, 66 rising and 61 closing flat.
Blue chips were again the main drag on the market as more than half of the top 30 shares by market value and liquidity slipped and only nine rose. The VN30 sank 0.57 per cent to close at 560.11 points.
Bank shares had a good day with many posting gains, including Eximbank (EIB), Vietcombank (VCB), Military Bank (MBB) and BIDV Bank (BID). EIB gained the most with an increase of 3.2 per cent to VND12,900 a share, followed by VCB, up 2.1 per cent, and MBB and BID, up 0.7 per cent.
Market volume changed little from the previous session, totaling 98.6 million shares and fund certificates, while the value of trades decreased 15 per cent, reaching VND1.4 trillion (US$66.4 million).
Tan Tao Investment Industry Corp (ITA) was the most active code on the southern bourse yesterday with 6.9 million shares traded, falling 5.6 per cent to settle at VND6,700 a share.
According to many analysts, tension on the East Sea between Viet Nam and China continued to overshadow the stock market. Meanwhile, investors feared that steep declines in the past days would soon force securities companies to sell shares pledged as collateral, further pushing the market down in the coming sessions.
On the Ha Noi Stock Exchange, the HNX-Index slipped by a more substantial 1.84 per cent to close at 69.39 points as losers outnumbered gainers by 162-58.
The HNX30, which tracks performance of the top 30 shares by market value and liquidity on the northern bourse, was also down 1.7 per cent at 132.45 points.
Trading improved slightly over Monday, with over 60 million shares worth VND478 billion ($2.9 million) exchanged.
Sai Gon-Ha Noi Bank (SHB) was the most heavily-traded share here, climbing 2.5 per cent to end at VND8,200 a share on trades of 6.8 million shares.
While local investors rushed to unload shares, foreigners continued to buy. They concluded yesterday as net buyers on both exchanges, picking up shares worth a combined VND259 billion ($12.3 million). In the past two days, foreign investors bought shares worth a combined VND500 billion ($23.7 million).
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