Shares make modest rebound - Economy

Updated

August, 03 2012 09:40:00

Shares make modest rebound

Investors monitor trading at the offices of Sacombank Securities Co in HCM City. Shares rebounded on both of the nation's stock exchanges yesterday after two days of declines, but trading remained sluggish. — VNA/VNS Photo Hoang Hai

HA NOI — Shares rebounded on both of the nation's stock exchanges yesterday after two days of declines, but trading remained sluggish.

On the HCM City Stock Exchange, the VN-Index closed up 0.86 per cent to 416.10 points. Advancers outnumbering decliners by 135-72, but the volume of trades continued to slow, however, totalling just 21.9 million shares. Market value was VND330.8 billion ($15.8 million), a decrease of 22.4 per cent from the previous session.

Blue chips led the market rise with half of the top 30 shares climbing. Dairy giant Vinamilk (VNM) and property developer VinGroup (VIC) were the top gainers, rising 4.5 per cent and 2.6 per cent, respectively. The VN30 Index closed up by 0.89 per cent to 494.12 points.

Only two codes saw trades in excess of a million shares yesterday, Tan Tao Industry Investment Co (ITA) and financial conglomerate Ocean Group (OGC), but both closed flat.

On the Ha Noi Stock Exchange, the HNX-Index also rose by 0.41 per cent to conclude yesterday's session at 68.98 points. Value fell slightly from a day earlier, totalling about VND431.2 billion ($20.5 million).

Gainers doubled losers, led by large-cap shares, with the HNX30 Index also up 0.55 per cent to over 130 points.

VNDirect Securities (VND) was again the most-active share on the Ha Noi market with nearly 2.3 million traded, but it closed unchanged at VND10,700 per share.

"The rally today was likely technical as it was not motivated by buying interests," FPT Securities Co analysts wrote in a report yesterday afternoon. "Generally, the market atmosphere was lacklustre."

The biggest problem now was the drain in liquidity, which was a gauge of investor confidence in equity assets, they said.

Bao Viet Securities Co analyst Pham Tien Dung reckoned the market was still in a downtrend. He predicted the decision to increase petrol prices late Wednesday would bring more difficulties to enterprises which were making efforts to overcome declining production and demand.

Foreign investors yesterday finished the day as net buyers on both exchanges, responsible for buying shares worth a combined net of VND31 billion ($1.5 million). — VNS

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