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Shares rebound in HCM City

Update: August, 17/2012 - 10:35

HA NOI — Shares were added value by the end of yesterday's session on the HCM City Stock Exchange, but still fell on the Ha Noi bourse.

On the HCM City Stock Exchange, the VN-Index sank to 429.82 points during the morning's session but bounced back to 430.83 points in the afternoon, extending the rising streak on the southern bourse to four days in a row.

Trading was sombre, however, as just 26.8 million shares, worth more than VND488 billion (US$14.7 million), changed hands, down 32.4 per cent in volume and 49.6 per cent in value from Wednesday's levels.

Blue chips were mixed. While dairy producer Vinamilk (VNM), PetroVietnam Finance (PVF) and property developer Hoang Anh Gia Lai (HAG) sank from 0.7-1.7 per cent, Phu My Fertiliser (DPM), food processor Masan Group (MSN) and Vietinbank (CTG) gained 0.5-2.8 per cent.

The VN30 Index declined 0.31 per cent overall to 514.47 points.

DPM and Eximbank (EIB) were the only two stocks seeing trades in excess of 1 million shares, becoming the most active on the bourse.

On the Ha Noi Stock Exchange, the HNX-Index fell 0.3 per cent to a close of 69.94 points on slightly improved value of nearly VND315.7 billion ($15 million).

The HNX30 Index tracking the top 30 shares by market capitalisation and liquidity also slumped 0.4 per cent to 133.39 points.

Habubank (HBB) continued to be the most active code on trades of nearly 6.5 million shares, closing flat at VND5,200 ($0.25) a share.

Yesterday was the last trading day for HBB. From today, HBB will be merged into Sai Gon-Ha Noi Bank (SHB) with a share swap ratio of one HBB exchanged for 0.75 SHB.

Stock analysts from FPT Securities Co said that when the market lacked support from large-cap shares and stock indices approached their resistance thresholds, the market was likely to decline again.

Foreign investors again finished yesterday as net buyers on the HCM City bourse, picking up shares worth about VND12 billion ($571,500), but they remained net sellers on the Ha Noi exchange, responsible for a net sell of VND10 billion ($488,000) worth of shares.

According to Bao Viet Securities Co's analysis, the global economic slowdown along with economic difficulties in Viet Nam had resulted in shrinking capital flows to the domestic stock market. Currently foreign capital does not play an important role in leading the market.

Thus market fluctuations were being led by speculation and instability, they said. — VNS

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