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VietNamNews

Shares fall on stalled trading value

Update: June, 28/2012 - 08:48

 

A customer places orders at Bao Viet Securities Co. — VNS Photo Viet Thanh
HA NOI — National stocks posted gains for most of yesterday's trading hours but finally declined again. Trading value did not improve.

On the HCM City Stock Exchange, the VN-Index shed nearly 0.3 per cent, standing at 418.04 points.

Some 43.9 million shares changed hands, worth a total value of VND739.9 billion (US$35.2 million), slightly decreasing over Wednesday's figure.

Only one third of the 30 leading shares in terms of capitalisation and liquidity concluded the session up, as more blue chips began to fall in afternoon trading.

The VN30, therefore, lost 0.2 per cent to 492.77 points.

Although telecom device provider Sacom (SAM) saw only 1.87 million shares change hands, it was the most heavily traded stock on the southern bourse.

On the Ha Noi Stock Exchange, the HNX-Index dropped steeper by 0.6 per cent, reaching 70.70 points.

Trading was sluggish, declining 27 per cent compared to the previous session. Market value and volume reached just VND325.16 billion ($15.4 million) and 34.8 million shares. PetroVietnam Construction Co (PVX) was the most active stock nationwide with around 4 million shares exchanged.

However, positive assessments from foreign investors about the Vietnamese market potential were continuously published.

Asean Investment Management and PXP Viet Nam Asset Management predicted the VN-Index would jump by 25-35 per cent in the last 6 months of this year. While emerging stock markets were struggling to maintain their rally, the Vietnamese market climbed 20 per cent to become the most powerful market in Asia thanks to improved economic data and the stability of the dong.

Asean Investment Management CEO David Roes told CNBC that Viet Nam's stock market would continue to achieve the strongest growth among ASEAN countries in the next three years. Meanwhile, according to emerging market fund manager Mark Mobius, as the Vietnamese market had low liquidity, any investment could make a huge difference to the market.

Foreign investors were sellers in HCM City by a margin of VND11 billion ($523,800), but they concluded yesterday as buyers in Ha Noi, picking a net of VND500 million ($23,800). — VNS

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