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VietNamNews

Stocks plunge on both exchanges

Update: March, 28/2012 - 09:09

 

Investors watch stock movements at the offices of APEC Securities Co. — VNS Photo Doan Tung
HA NOI — Shares declined substantially yesterday on both of the nation's stock exchanges, with the afternoon session widening morning losses as sales snowballed.

On the HCM City Stock Exchange, the VN-Index slid by 2.9 per cent to close at 445.92 points. The value of trades soared by nearly 26 per cent over Monday's session, totalling VND1.6 trillion (US$77 million), while volume jumped 28.6 per cent to nearly 121 million shares.

Of the 30 leading shares by market capitalisation and liquidity, 27 declined, driving the VN30 Index down by 2.87 per cent at 502.47 points. Only Tan Tao Investment Industry (ITA) and Becamex Infrastructure Development (IJC) bucked the trend, both closing up by 0.9 per cent after flirting with their ceiling prices during morning trades.

Decliners outnumbered advancers by 178-75 overall, with Sacombank Securities Co (SBS) the most-active share with 6.3 million traded. SBS finished down 4.6 per cent to VND6,300 per share.

Analysts said it was normal to see a correcting session after shares had advanced almost continuously over the past three months, with many doubling or even tripling their prices.

"Leading stocks have come very close to their peak of September 2011, so it's a quite sensitive stage and the probability of an adjustment is large," BIDV Securities Co analysts wrote in a report, adding that positive economic data had already reflected in share price rises in recent weeks.

On the Ha Noi Stock Exchange yesterday, the HNX-Index declined by an even more substantial 3.56 per cent to conclude the day's trades at 74.95 points. Only 90 shares gained out of a total of 398 codes.

Volume increased by 20 per cent to nearly 123.5 million shares, worth a total of nearly VND1.17 trillion ($55.7 million).

Habubank (HBB) continued to dominate trading in Ha Noi with 17.3 million shares exchanged, though it fell 6.7 per cent to VND7,000 per share.

At the beginning of yesterday's morning and afternoon sessions, some brokerages reported that they could not connect to the Ha Noi Stock Exchange's trading system which caused delays in placing orders for investors.

The Ha Noi exchange has not given a word on this issue but it warned Rubber Securities Co on Monday on suspicion of spreading a virus into the exchange's trading system and the systems of other securities firms.

Foreign investors continued to express their faith in Vietnamese stocks by investing nearly VND126 billion in a net buy of nearly 7 million shares on both markets yesterday. — VNS

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