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Shares fall ahead of holiday break

Update: September, 01/2012 - 08:23

 

Investors follow a trading session at the offices of SME Securities Co. — VNA/VNS Photo Pham Hau
HA NOI — Shares declined again after two consecutive rising sessions as investors became cautious ahead of the National Day holiday tomorrow.

On the HCM City Stock Exchange, the VN-Index gave up 0.31 per cent to close yesterday at 396.02 points.

Both trading volume and value decreased about 15 per cent from Thursday, totalling over 33.3 million shares, worth VND505.4 billion (US$24.1 million).

Blue chips were mixed. While property developer Hoang Anh Gia Lai (HAG), dairy producer Vinamilk (VNM) and Phu My Fertiliser (DPM) rose 1.8-3.4 per cent; real-estate giant VinGroup (VIC), Tan Tao Investment Industry Corp (ITA) and Phu Nhuan Jewelry (PNJ) hit the floor prices.

The VN30 tracking the top 30 shares on the southern bourse edged down 0.03 per cent overall, standing at 465.29 points.

ITA was also the most active stock by the end of yesterday's session with 1.5 million shares traded, but the shares shed 3.4 per cent to end at VND5,700.

On the Ha Noi Stock Exchange, the HNX-Index finished at 61.43 points, off 0.79 per cent from Thursday, with gainers outnumbering losers by 108-69. The HNX30 also decreased 0.97 per cent to 116.53 points.

Almost 27.5 million shares, worth VND258.2 billion ($8.7 million), changed hands yesterday, down 15 per cent in volume and nearly 7 per cent in value from a day earlier.

VNDirect Securities Co (VND) continued to be the most active code with total trades of 5.55 million shares, dropping 3 per cent to a close of VND9,900.

Many analysts attributed the downturn yesterday to the sluggish sentiment of investors before the holiday, treading carefully because of the lack of any promise of a solid upturn.

However, according to Saigon Securities Inc (SSI), reducing the proportion of poor stocks before the holiday is not a bad tactic and investors can consider the economic development after the holiday to have a better investment strategy.

Meanwhile, foreign investors continued their solid buying, concluding yesterday as net buyers again on both exchanges.

They were responsible for a combined net buy of VND32 billion ($1.5 million) worth of shares. — VNS

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