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Shares slide on sluggish trading

Update: August, 01/2012 - 09:00

 

Investors monitor trades at the offices of APEC Securities Co in the capital city. Prolonged lacklustre trading has eaten away at investor confidence, pushing shares down yesterday on both of the nation's stock exchanges. — VNA/VNS Photo Doan Tung
HA NOI — Prolonged lacklustre trading ate away investor confidence pushing, shares down yesterday on both national stock exchanges.

According to Giang Trung Kien, director of FPT Securities Co's analysis division, the domestic economy still faced many difficulties such as restructuring the banking system, declining demand, low GDP growth, and particularly negative second-quarter business results announced by many listed companies.

"This shows the recovery of the business environment, the backbone of the economy, is still very slow, and therefore the possibility of a market uptrend is unlikely at this time," Kien said.

On the HCM City Stock Exchange, the benchmark VN-Index fell back in the afternoon session to close off 0.13 per cent at 414.48 points.

Market value declined 10 per cent from the previous day, totalling VND417 billion (US$20 million), while the volume of trades was also down 5 per cent to 25.4 million shares.

Blue-chips were mixed. Amongst the top 30 shares by market capitalisation and liquidity, 12 advanced, 10 declined and eight closed unchanged, driving the VN30 Index down 0.06 per cent to 491.98 points.

Only three shares saw trading in excess of 1 million shares yesterday, including Tan Tao Investment Industry Corp (ITA), financial conglomerate Ocean Group (OGC) and telecom equipment producer SACOM Development and Investment (SAM).

SAM rose 1.25 per cent while OGC shed 0.8 per cent and ITA closed flat.

Sacombank Securities Co (SBS) continued to shock the market by hitting its ceiling price for the seven consecutive session, despite the fact trading of the company's shares is only permitted in the last 15 minutes of every session.

SBS was put under tight control by the State Securities Commission from July 23 because the company's losses exceeded its total equity capital at the end of March. SBS closed at VND4,200 ($0.20) yesterday.

Meanwhile, the HNX-Index on the Ha Noi Stock Exchange also slid 0.37 per cent to finish yesterday at 69.194 points on a sluggish value of VND235.4 billion ($11.2 million).

Large-cap shares led the downturn, with the HNX30 losing 0.36 per cent to close at 130.92 points. VNDirect Securities (VND) was still the most active code on the Ha Noi market with nearly 2.6 million shares traded, closing unchanged at VND10,800 ($0.51). — VNS

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