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Stocks stall on bleak trading

Update: November, 17/2012 - 09:43

 

Investors trace market fluctuations at SHB Securities Company's stock trading floor. — VNS Photo Tran Viet
HA NOI ( VNS)- Shares continued to slide in HCM City yesterday with sluggish trading.

Ending yesterday's session, around 63 per cent of listed stocks on both national stock exchanges traded under par value, and half of them had a price level under VND5,000.

The VN-Index on the HCM City Stock Exchange decreased 0.3 per cent to 385.71 points compared to the previous day's close.

The value of trades reached only 64.9 per cent of Thursday's level, hitting VND301.44 billion (US$14.3 million) as trading volume fetched 22.6 million shares.

Of the 30 largest shares in terms of capitalisation and liquidity, decliners outnumbered gainers by 12-10. The VN30 tracking these stocks lost 0.3 per cent to reach 455.67 points.

Notably, Eximbank (EIB) shed 0.7 per cent yesterday despite positive ratings by Standard & Poor's, which assigned it a B+ long-term debt rating and "stable" outlook.

The rating agency also said Viet Nam's financial system was still in its developing stage, since the legal framework was unfinished. The risks of economic imbalances and credit risks were both high, indicating that credit was growing too fast compared to income.

However, the market situation became better yesterday afternoon when investors bought a number of shares at rising prices.

Meanwhile, on the Ha Noi Stock Exchange, the HNX-Index advanced by 0.23 per cent, reaching 51.81 points.

Gainers overwhelmed losers by 99-76, while the majority of shares closed unchanged.

Market value, however, dropped 30 per cent over Thursday's session to just VND113.63 billion ($5.4 million) on a volume of 19.9 million shares.

Blue chips in Ha Noi also boosted the HNX30 to 94.52 points - a 0.3 per cent increase.

Transactions on the northern bourse were mostly concentrated in Sai Gon - Ha Noi Bank (SHB) and property developer Sacomreal (SCR), as the two codes saw 9.3 million shares changing hands.

Earnings results of many enterprises have already been announced, leading to an "information-free" trading week, according to Bao Viet Securities Co analysts Pham Tien Dung and Tran Hai Yen.

"But the market may rebound late this month and early next month as exchange-traded funds revise their portfolios," they wrote in a note yesterday. — VNS

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