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VietNamNews

Real estate fails to lift VN-Index

Update: April, 14/2012 - 08:11

 

Investors sign up for trading at VNDirect Securities Co. Stocks trimmed earlier gains yesterday to tumble following heavy selling. — VNS Photo Truong Vi
HA NOI — Strengthening real estate shares that created momentum during yesterday's morning session failed to lift both stock indices in the afternoon due to heavy selling.

On the HCM City Stock Exchange, the volume of the day's trades increased by 12.4 per cent to over 122 million shares, worth a total of VND1.8 trillion (US$85.7 million). The benchmark VN-Index slid 0.59 per cent to close yesterday at 462.52 points.

Real estate stocks were mixed. Some continued to hit ceiling prices including Hoang Quan Consulting Trading Service Real Estate (HQC), Tu Liem Urban Development (NTL) and Dat Xanh Real Estate Service and Constructions (DXG), but some dropped to the floor price, including the Development Investment Construction (DIG) and Becamex Infrastructure Development (IJC). Khang Dien House Trading (KDH) also slumped 3.7 per cent and Hoang Anh Gia Lai Co (HAG) decreased 1.9 per cent.

"Market sentiment is still very good but many investors have taken the chance to take the margin as they anticipate that the growth momentum will fade away after strong gains in the past days," an FPT Securities Co's analyst wrote on the company's website.

The upward trend in the short term was still expected but investors should be cautious in making investment decisions, he advised, arguing that an adjustment was necessary for the VN-Index to be able to reach higher levels.

The VN30 Index, which tracks performance of the 30 leading shares by market value and liquidity, fell 0.93 per cent to 532.23 points as 16 stocks declined while only nine rallied and five were unmoved.

Decliners outnumbered advancers by 135-103 overall, with Tan Tao Investment Industry Corp (ITA) still being the most active on a volume of 7 million shares. ITA closed flat at VND9,800.

On the Ha Noi Stock Exchange, the HNX-Index also lost 0.2 per cent to finish at 78.38 points. Trading value dropped 14 per cent to 104.6 million shares, worth VND1.06 trillion ($50.5 million).

Losers outnumbered gainers by 188-87. Habubank (HBB) still led trades nationwide on a volume of 10.5 million shares, closing 2.74 per cent lower at VND7,100. Habubank decided to postpone the shareholders' meeting to April 28, on the same day with Sai Gon-Ha Noi Bank (SHB)'s meeting. The two banks will discuss the merger method on the meeting.

Foreign investors increased buying yesterday on both exchanges, picking a combined net buy of VND200 billion ($9.5 million) worth of shares. — VNS

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