|An investor watches an automatic trading board at Maybank Kim Eng Securities in HCM City. On the HCM City Stock Exchange, the VN-Index climbed 2.75 per cent to finish the session at 488.32 points. — VNA/VNS Photo Hoang Hai
HA NOI (VNS)— Shares on both stock exchanges continued to slide yesterday afternoon but strong speculation kept market values positive.
On the HCM City exchange, the VN-Index finished yesterday's session at 485.58 points, down 0.56 per cent from Monday's close.
Slumps of the heavyweights, such as Vietinbank (CTG), software giant FPT Corp (FPT), PetroVietnam Gas (GAS), property developer Hoang Anh Gia Lai (HAG), steelmaker Hoa Phat Group (HPG) and dairy producer Vinamilk (VNM), weighed on the market. The VN30, tracking the top 30 shares by market capitalisation and liquidity, was down 0.44 per cent to 549.57 points.
Market value was slightly lower than Monday's level but still high, totalling nearly VND913 billion (US$43.5 million). Trading focused on speculative stocks such as Tan Tao Investment Industry (ITA), Hoang Quan Consulting-Trading-Serving Real Estate (HQC), Pha Lai Thermal Power (PPC) and Refrigeration Electrical Engineering (REE).
Both ITA and HQC saw more than 6 million shares traded each, becoming the most active codes yesterday, while PPC and REE each had over 3 million shares exchanged. All of them increased from 1.5-5.5 per cent.
According to many stock analysts, liquidity is the most important at this stage. The market can rise or fall but if liquidity is maintained, investors will be more confident in trading.
However, analysts also advise investors not to try to purchase shares at high prices and be very careful with the speculative stocks which posted poor business results but were still rising strongly.
On the Ha Noi Stock Exchange, the HNX-Index declined 0.33 per cent to close at 60.54 points on the total trading value of VND345.5 billion ($16.5 million).
Speculation was rampant there as well. The three most active codes were Sai Gon-Ha Noi Bank (SHB), 9.2 million shares traded; PetroVietnam Construction (PVX), 8.2 million shares traded; property developer Sacomreal (SCR), 6.7 million shares exchanged.
Foreign investors again concluded yesterday as net buyers on both exchanges, responsible for a combined net buy of VND67.4 billion ($3.2 million) worth of shares. — VNS