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VietNamNews

Indices rally to halt sliding streak

Update: July, 12/2012 - 09:22

HA NOI — Shares reversed their declining streak during yesterday's session with indices gaining around 0.4-1.4 per cent. However, liquidity did not improve.

On the HCM City Stock Exchange, the VN-Index closed at 407.28 points, a 0.47 per cent increase. Advancers overwhelmed decliners by 163-60.

Twenty-four of the 30 leading shares by capitalisation and liquidity rose, while only Sacombank (STB) and property and hospitality services developer Vingroup (VIC) retreated.

The VN30, therefore, edged up 0.4 per cent to 481.57 points.

Market value reached only VND337 billion (US$16 million), dropping 29 per cent compared to Tuesday's session, as trading volume fetched nearly 22.7 million shares.

Meanwhile, the HNX-Index on the Ha Noi Stock Exchange added 1 per cent to 68.59 points. The HNX30 rose 1.43 per cent, hitting 128.27 points.

Almost all 30 shares tracked by the HNX30 posted gains, although the advance was quite modest. Foreign investors tended to buy those shares, including Sai Gon – Ha Noi Bank (SHB), PVGas North (PVG) and PVGas South (PGS).

Around 20.7 million shares worth an overall value of VND196.4 billion ($9.3 million) changed hands, falling 11 per cent in terms of trading value over the previous session.

VNDirect Securities Co (VND) was the most active stock nationwide with some 3.2 million shares exchanged. It advanced during the day by 3.3 per cent to conclude at VND9,400 per share.

While foreign investors concluded as sellers in HCM City by a margin of VND25 billion ($2.2 million), they were buyers in Ha Noi, picking a margin of VND10 billion ($476,000).

"The most notable movements appeared on the southern bourse, with foreign investors buying more than 700,000 Habubank (HBB) shares, plus shares of PetroVietnam's subsidiaries and the financial sector," said Hoa Binh Securities Co analyst Nguyen Thi Kieu.

However, the trend in short-term was still declining, she added. "The next support level for the VN-Index will be around 395 points."

In addition, low trading volume was an obvious indicator for current investor pessimism. — VNS

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