HA NOI (VNS)- Shares lost value on both of the nation's stock exchanges yesterday, snapping a six-day rally. Decliners on both boards exceeded 250 codes, while only 76 stocks posted gains in HCM City and only 65 stocks advanced in Ha Noi.
|An investor checks share prices at the offices of SSI Securities Co in Ha Noi. Shares lost value on both of the nation's stock exchanges yesterday, ending a six-day rally. — VNS Photo Viet Thanh
On the HCM City Stock Exchange, the VN-Index closed at 393.39 points, down 0.06 per cent from Monday's session. The value of trades tumbled 32.6 per cent from the previous day to about VND650.7 billion (US$31 million), with 52.4 million shares changing hands.
"Although the value of trades decreased, it remained relatively high, proving that investors were still sticking with the market," FPT Securities Co analysts wrote on the company's website.
The VN30 Index, representing the performance of HCM City's 30 leading shares by capitalisation and liquidity, also declined by 0.4 per cent to end the day at 460.42 points. Vietinbank (CTG) plunged to its floor price of VND18,500, while Eximbank (EIB) and real estate developer Vingroup (VIC) both closed off by over 1 per cent.
Some news appearing yesterday had an impact on the movements of some specific stocks. Insurer Bao Viet Holdings (BVH) slid 0.3 per cent after Japanese insurer Sumitomo Life was reportedly poised to conclude a purchase of an 18-per-cent stake in Bao Viet from HSBC, a deal worth an estimated $360 million. If the agreement were reached, the selling price would be VND61,120 per share, double BVH's current trading price.
Meanwhile, on the Ha Noi Stock Exchange, Kim Long Securities Co (KLS) managed to close 1.3 per cent higher after losing value earlier yesterday. The change was thanks to the company's decision to buy back 10 million shares. The Market Vectors Vietnam exchange-traded fund sold 9.6 million KLS shares a few days ago.
Sai Gon-Ha Noi Bank (SHB) continued to lead the northern market in terms of volume with over 11 million shares traded. However, it concluded the session 1.9 per cent lower.
Overall, the HNX-Index fell by 0.94 per cent to just 53.96 points. Trades on the northern bourse were sluggish, with only 51.3 million exchanged for a value of about VND323 billion ($15.3 million). The HNX30 Index, which tracks the leading shares on the capital city exchange, retreated by 0.84 per cent to 100.80 points.
The downward trendline was not dramatic, said the FPT Securities analysts. "However, it signals that indices will decline for several sessions." — VNS