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VietNamNews

Shares slide but future positive

Update: June, 11/2013 - 09:41

HA NOI (VNS)— Shares failed to retain earlier gains yesterday on the HCM City Stock Exchange.

The VN-Index lost 0.65 per cent to 524.56 points. The VN30, tracking the southern bourse's 30 largest shares, also shed 0.7 per cent to 584.11 points.

Nearly two-thirds of blue chips tumbled, with logistic firm Gemadept (GMD), Phu My Fertiliser (DPM) and private equity group Masan (MSN) retreating the most, between 1.8-3.6 per cent.

Meanwhile, PetroVietnam Drilling Services (PVD) added 5.6 per cent, rubber company Casumina (CSM) climbed 4 per cent, and Vinamilk (VNM) rose 1.5 per cent.

Total market value hit VND1.66 trillion (US$79 million) on a volume of nearly 94.2 million shares.

With yesterday's decline, FPT Securities Co analysts predicted the VN-Index would come close to dropping to the 520 point level.

"However, technical indicators still support an increasing trend for the index," they wrote on the company's website.

High liquidity showed that cash flow remained in the market, they added, stressing, "the current challenge is the selling trend of foreign investors".

In recent trading days, foreign funds were net sellers, giving up high value stocks such as insurer Bao Viet (BVH) and property developers Hoang Anh Gia Lai (HAG) and Vingroup (VIC).

"The short-term prospective is quite challenging, but positive in the medium term and long term," the analysts said.

Foreign net sellers concluded yesterday with a combined margin of over VND126.7 billion ($6 million) on both exchanges.

On the Ha Noi Stock Exchange, the HNX-Index closed yesterday's session at 65.60 points, a 0.03 per cent increase.

Trading value rose slightly over last Friday to VND479 billion ($22.8 million) as 52.8 million shares changed hands.

The HNX30, however, slid 0.05 per cent to reach 126.46 points. The advance of eight blue chips in Ha Noi could not beat the tumble of 14 other stocks tracked by the index. — VNS


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