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Markets remain mired in misery

Update: November, 29/2012 - 09:17

HANOI (VNS)- Shares fell further on the HCM City Stock Exchange as investors sought solace from the lacklustre market by continuing to sell.

The benchmark VN-Index declined by another 0.29 per cent to close yesterday's session at 375.79 points, extending its losing streak to six consecutive sessions.

Blue chips extended their slump with a 0.49 per cent decrease on the VN30 Index to close at 441.49 points.

At VND591.6 billion (US$28.3 million), the value of trades was nearly double yesterday's level but this brought little respite for share prices.

Trading did not focus on a specific group of stocks but was scattered across many codes, causing no shares to experience trades of more than 1 million stocks.

Wood processor Duc Long Gia Lai Group (DLG) and Saigon Securities Inc (SSI) were the most active shares on the southern bourse yesterday, with more than 700,000 shares traded on each code.

While DLG decreased 2.78 per cent to close at VND3,500 a share, SSI gave up 0.7 per cent to finish at VND14,100.

On the Ha Noi Stock Exchange, the HNX-Index scraped to a positive in the dieing minutes to conclude at 51 points, up just 0.08 per cent on Tuesday's level.

Trading improved with more than 19.5 million shares, worth VND123.6 billion ($5.9 million), changing hands, up 30 per cent on Tuesday's value.

Sai Gon-Ha Noi Bank (SHB) was still the most active code with trades of 1.89 million shares, while SHC closed flat at VND4,800 a share.

"Never in its history has the stock market experienced such a long-term decline," said Nguyen Huu Viet, head of the Research and Analysis Department under International Royal Securities Co.

Stock indices fell for the seventh consecutive month with sluggish trading showing demand and supply remains weak.

Viet added: "Although the fall of each session is modest, the relentless declines erode investor confidence."

According to Viet, investors now are immune to macro economic information and in need of a stronger psychological incentive to become active again. He said authorities should give out more supportive messages to "keep the fire burning" for the stock market. — VNS

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