HA NOI (VNS– Shares on both stock national exchanges continued to slide yesterday afternoon but strong speculation kept the 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 heavyweight shares 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 the market down.
The VN30 tracking the top 30 shares by market capitalisation and liquidity was down 0.44 per cent to 549.57 points.
The 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 also 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 high, 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 still rise 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 here 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; and property developer Sacomreal (SCR), 6.7 million shares exchanged.
Except SHB fell 2.9 per cent to VND6,900 a share, PVX climbed 5.8 per cent to VND5,500 and SCR rose 1.3 per cent to VND7,600 each.
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