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Stocks fall on sluggish trading

Update: July, 17/2012 - 09:07

HA NOI — Stocks closed yesterday in the red on sluggish trading, ending three consecutive days of rises.

On the HCM City Stock Exchange, the benchmark VN-Index slid 0.72 per cent to close at nearly 414 points, with trading value topping VND560.6 billion (US$26.7 million), down 27 per cent from Friday's figure.

Decliners doubled advancers, led by blue chips.

Twenty-four of the top 30 shares by market capitalisation and liquidity sank while only three climbed. Gainers included Vietinbank (CTG), up 2.9 per cent; Phu Nhuan Jewelry (PNJ), up 0.2 per cent; and Sacombank (STB), up 0.5 per cent.

The VN30 Index was down 0.76 per cent to 488.63 points.

The Military Bank (MBB), the fifth largest listed bank, was the most active stock on a total trade of 2 million shares, rising 1.45 per cent to end at VND14,000 ($0.67).

On the Ha Noi Stock Exchange, the benchmark HNX-Index also lost 1.12 per cent to close yesterday's session at 69.78 points on a total value of VND304.6 billion ($14.5 million).

Large-cap shares on the Ha Noi bourse led the market fall, with the HNX30 Index also down 2.3 per cent to 131.43 points.

Losers overwhelmed gainers by 154-72 overall.

VNDirect Securities (VND), with over 4.6 million shares changing hands, was still the most active code in Ha Noi yesterday, declining 2.9 per cent to VND10,000 a share ($0.48).

"It is rational for investors to become more cautious after an impressive rallying streak from a near five-month low," FPT Securities Co's analysts wrote on the company's website, adding that without more positive news, investor confidence would not be sustained for long.

"The market needs time to set up a new trend," they said.

Investors are now waiting for enterprises to disclose their business results for the first half of this year. Many securities companies have already posted results and shown profits, but listed firms in general are forecast to post mixed results in the current economic slowdown.

Foreign investors were net buyers on both exchanges, picking up combined shares worth VND42 billion ($2 million). — VNS

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