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Shares reverse gains in HCM City

Update: April, 04/2013 - 10:59
Investors monitor trading at Maybank Kim Eng Securities in HCM City. Shares retreated in the City yesterday. — VNA/VNS Photo Hoang Hai

HA NOI (VNS)— Shares reversed Tuesday's gains in HCM City yesterday.

On the HCM City Stock Exchange, the VN-Index lost 0.69 per cent, reaching 505.93 points as losers overwhelmed gainers by 80-66.

Trading value dropped 27 per cent compared to Tuesday's level, totalling over VND1 trillion (US$47.6 million) with 57 million shares changing hands.

Tracking the performance of the 30 largest shares in terms of capitalisation and liquidity, the VN30-Index slid 0.73 per cent to 569.33 points as only five stocks among these blue chips managed to increase.

They were rubber company Casumina (CSM), steelmaker Hoa Sen (HAG), commercial baker Kinh Do (KDC), Refrigeration Electric Engineering Corp (REE) and dairy giant Vinamilk (VNM).

Three stocks were suspended from today due to successive losses during two years, including Song Da Urban & Industrial Zone Investment and Development (SJS), Ninh Van Bay Travel Real Estate (NVT) and Hang Xanh Motors Service (HAX).

SJS and NVT were shares that were favoured by many investors, said FPT Securities Co analysts. "The information somewhat affected trading yesterday in HCM City."

On the Ha Noi Stock Exchange, the HNX-Index rose 0.47 per cent to 61.38 points.

Market value fell 17.6 per cent over the previous session, standing at VND344.48 billion ($16.4 million) on a volume of some 43.4 million shares.

The HNX30-Index, composed of the northern bourse's leading shares, also added 0.67 per cent to 117.40 points.

The State Bank of Viet Nam will today organise the second auction of bullion gold after the first one attracted only two buyers.

The same amount of 26,000 teals of gold will be up for bids with the reference price of VND43.61 million per tael, around VND100,000 lower than prices on the market. (One tael equals 1.2 ounces).

Since March 28, when the first auction was held, domestic gold prices have been higher than world prices by VND3 million per tael.

With news of the second auction yesterday, despite declining world prices, the Vietnamese market still saw an increase, which made the gap widen to VND3.3-4 million.

The central bank is aiming at stablising the gold market, but according to some sources, this is an opportunity for speculators to make a profit on price changes. — VNS



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