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VietNamNews

Stocks cool as investors flee risk

Update: March, 15/2012 - 09:29

HA NOI — Stocks sustained gains on the HCM City Stock Exchange yesterday, but sank on the Ha Noi bourse.

In HCM City, the VN-Index closed up by over a per cent to 433.86 points, even as decliners outnumbered advancers by 156-96.

Eleven of the 30 leading shares posted gains, with insurer Bao Viet Holdings (BVH), Sacombank (STB) and PetroVietnam Finance (PVF) each hitting their ceiling prices, helping lift the VN30 Index to a close of 491.23 points, a gain of about 1 per cent on the day.

Investors remained wary of a possible "bulltrap", keeping market volume unchanged at just 64 million shares, worth about VND986.5 billion (US$34.7 million).

Ninh Van Bay Travel Real Estate (NVT) concluded the session as the most-active share on the southern bourse on a volume of 4.66 million shares, closely followed by Sacombank (STB) with a volume of 4.5 million shares. NVT slid by 2.86 per cent to close at VND3,500 per share, while STB hit its ceiling price of VND22,300.

On the Ha Noi Stock Exchange, the HNX-Index lost 1.79 per cent to end yesterday's session at 69.28 points. The value of trades dropped 10 per cent to VND598.6 billion ($28.5 million), while volume plunged by 16 per cent to 67.4 million shares. Losers edged out gainers by a margin of 135-122.

Habubank (HBB) continued to be the most-active share nationwide with nearly 19 million shares traded. The State Bank of Viet Nam late Tuesday rejected a rumour that it had approved a takeover of HBB by Sai Gon-Ha Noi Bank (SHB) .

Except for some blue chips attracting foreign investor attention in HCM City, most stocks saw negative movements yesterday, including speculative stocks in Ha Noi such as Kim Long Securities (KLS) and VNDirect Securities (VND), Bao Viet Securities Co analyst Pham Tien Dung wrote in a report.

Foreign investors returned to being net buyers on the HCM City market yesterday, picking up shares worth a net of over VND172.6 billion ($8.2 million). By contrast, they were net sellers in Ha Noi market by a narrow margin of VND7.3 billion ($347,600).

Information which could affect the market in coming sessions would include first-quarter earnings by listed enterprises and net asset values of investment funds at the end of the first quarter, Dung said.

"In the short term, the market lacks supporting news," he said. "Thus, demand may weaken and only increase if share prices decline significantly." — VNS

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