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Indices sag on sluggish trades

Update: September, 19/2012 - 09:14

 

The benchmark VN-Index ended flat, inching up only 0.04 per cent to 401.90 points. Market sentiment was quite bleak, with 50 gainers, 55 losers and 149 listed stocks closing unchanged.—File Photo
HA NOI - (VNS) Shares failed to continue a rally on the HCM City Stock Exchange yesterday due to modest trading.

By the end of the afternoon session, the benchmark VN-Index lost 1.8 per cent, falling to 394.51 points after ending flat during yesterday morning. Market sentiment was bleak, with just 54 gainers, 37 losers and 196 listed stocks closing unchanged.

Most blue chips dropped in value. The rally of a few large-cap stocks failed to push up the VN30 – tracking the city's 30 leading shares. Only Phu Nhuan Jewelry (PNJ), Sacombank (STB) and property developer Vingroup (VIC) edged up by between 0.3-2.4 per cent. The VN30 finished yesterday's session down 1.7 per cent to 460.44 points.

During the previous two sessions, investors eyed shares in insurer Bao Viet Holdings (BVH) following a boost from foreign investors. However, news emerged yesterday that among the seven blue chips chosen by US exchange-trade fund iShares, only BVH shares were not bought. This led to the stock falling by 0.7 per cent towards the end of yesterday's session despite closing the morning session at the ceiling price.

The overall value of trades, however, increased slightly to VND623.3 billion (US$29.6 million) on profit-taking. Meanwhile, trading volume reached 41.8 million shares.

"As there was no supportive information, market resistance continued and could not sustain a rally," FPT Securities Co analysts wrote on the company's website. Meanwhile, September's consumer price index for the capital city of Ha Noi was predicted to increase by 2.47 per cent – a relatively high level – compared to August.

During the first nine months of this year, the price index has climbed by an estimated 9.24 per cent over the same period last year. This increase in prices will be a great challenge in ensuring the Government's target of a single digit inflation rate for the year.

On the Ha Noi Stock Exchange, shares tumbled for the second day in a row. The HNX-Index retreated nearly 3.8 per cent to 56.48 points, as decliners outnumbered advancers by 192-43.

Around 32.8 million shares worth VND240.67 billion ($11.4 million) changed hands, up 39.7 per cent in terms of value compared to Monday's level.

The HNX30, tracking the bourse's top shares, also slid 4.3 per cent to 104.81 points.

Asia Commercial Bank (ACB), the most influential stock to the HNX30, plunged to its floor price yesterday after reports that tycoon Nguyen Duc Kien, who is linked to the bank, was arrested for financial fraud. Domestic media reported yesterday that investigations revealed Kien had two accomplices in the fraud, the director and chief accountant of Kien's company – ACB Ha Noi Investment Co. — VNS

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