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VietNamNews

Shares fall short of three-day rally

Update: June, 29/2013 - 08:15

Investors at the Nguyen Du Securities Co in Ha Noi. Shares lost ground on both exchanges yesterday. — VNS Photo Thai Ha

HA NOI (VNS)— Shares lost yesterday on both exchanges, rallying for just two sessions on Wednesday and Thursday. However, FPT Securities Co analysts said the market trend was not negative.

"Selling pressure at low prices did not prevail," they said. "Actually, a new level of prices is being formed to stimulate bottom-fishing cash."

On the HCM City Stock Exchange, the VN-Index lost 0.38 per cent to 481.13 points. Losers overwhelmed gainers by 114-77.

Trading value rose slightly over the previous trading day to about VND1 trillion (US$47.6 million) as 62.4 million shares changed hands.

The slumps of half of 30 blue chips tracked by the VN30 drove the index down 0.25 per cent to 538.54 points. Six stocks slightly increased.

On the Ha Noi Stock Exchange, the HNX-Index shed 0.14 per cent, reaching 62.76 points.

Trading value fetched VND262.2 billion ($12.4 million) with 35.9 million shares exchanged.

The HNX30, composed of the northern bourse's 30 leading shares, also fell 0.4 per cent to 116.93 points.

Foreign investors shifted from net sellers to net buyers yesterday by a combined margin of over VND23 billion (more than $1 million).

Gold price fluctuates

On the gold market, SJC gold bars were traded at around VND34 million ($1,600) per tael at 9am yesterday, declining nearly 6 per cent compared to Thursday's closing price. However, as people rushed to buy gold, the price then rose to VND36-37 million ($1,700-1,760) per tael.

Gold traders confirmed buyers overwhelmed sellers.

Yesterday was the last day for banks to close their gold position before the deadline on Sunday.

The central bank said all 40,000 taels of gold were bought by five buyers. The price ranged between VND35.05-35.5 million ($1,660-1,690), VND1 million ($47.6) higher than the market price and VND5 million ($238) higher than the world price. — VNS


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