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Stock markets fail to retain gains

Update: May, 15/2013 - 08:33
Shares reversed yesterday's gains to tumble on both national stock exchanges this morning.— VNS File Photo

HA NOI (VNS)– Shares reversed Monday's gains to tumble on both national stock exchanges yesterday.

Despite a few sessions of rallying due to reduced interest rates and the upcoming establishment of the nation's asset management company, investors may start to follow the "sell in May and go away" strategy.

According to HCM City Securities Co, the opening of the asset management firm might not occur as planned and could take until the third quarter.

"Meanwhile, the cash recently poured into the market was speculative money, which is unstable," said VietCapital Securities Co's Ha Noi branch head of brokerage Pham Thanh Trung.

On the HCM City Stock Exchange, the VN-Index retreated over 1 per cent to 483.85 points.

Losers overwhelmed gainers by 176-56.

While blue chips gave a boost to the HCM City market on Monday, they weighed on the VN-Index during yesterday's session.

Insurer Bao Viet (BVH), property developers Hoang Anh Gia Lai (HAG) and HCM City Infrastructure Investment, private equity group Masan (MSN), Phu Nhuan Jewelry (PNJ) and steelmaker Hoa Phat (HPG) lost over VND1,000 per share, or between 1.8-6.1 per cent.

Only Vietinbank (CTG) and software company FPT (FPT) posted modest gains of 0.5 and 1 per cent.

The VN30, which represents the performance of 30 leading stocks in HCM City, also slipped 1.1 per cent to 548.27 points.

Market value on the southern bourse reached only 77 per cent of the previous day's level, or VND772.3 billion (US$36.7 million), as 46.5 million shares changed hands.

On the Ha Noi Stock Exchange, the HNX-Index shed 1.27 per cent, reaching 59.89 points.

Nearly half of the listed stocks closed unchanged.

Trading value increased slightly compared to Monday's session, standing at VND240.5 billion ($11.4 million).

Foreign investors turned to be net sellers in HCM City with a margin of VND2.6 billion ($123,800), but they remained buyers in Ha Noi by VND7.68 billion ($365,700). — VNS

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