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Shares slide as trading tumbles

Update: October, 04/2013 - 08:16
Investors watch market movements at Maybank KIM ENG Stock Exchange in HCM City. Shares began to tumble on both national stock exchanges yesterday. — VNA/VNS Photo Hoang Hai
HA NOI (VNS) — Shares reversed Wednesday's gains and began to tumble on both national stock exchanges yesterday.

However, according to FPT Securities Co analysts, yesterday's slumps were caused by profit-taking rather than sell-offs, and demand for shares at low prices prevailed.

On the HCM City Stock Exchange, the VN-Index shed 0.4 per cent to 492.30 points. Losers overwhelmed gainers by 129-84.

Trading value dropped around 20 per cent over Wednesday's session to reach VND810 billion (US$38.2 million) on a volume of nearly 62.7 million shares.

The VN30, tracking the city's top 30 shares in terms of capitalisation and liquidity, also lost 0.6 per cent to close at 549.58 points.

Only logistics firm Gemadept (GMD), Kinh Do Confectionery (KDC), PetroVietnam Drilling Services (PVD) and PetroVietnam General Services (PET) managed to add between 0.5-2 per cent, while 20 other blue chips retreated.

On the Ha Noi Stock Exchange, the HNX-Index finished the session at 61 points, down 0.08 per cent from the previous day.

Trading value and volume totalled more than VND274.7 billion ($12.9 million) and 37.7 million shares, respectively.

The HNX30, representing the performance of Ha Noi's leading shares, slid 0.15 per cent to 113.53 points.

PetroVietnam Construction (PVX), a speculative stock that attracts many investors, yesterday plunged to its floor price of just VND2,700 per share.

The stock has fallen steadily over the past six months, and the company reported a post-tax loss of VND952 billion ($44.9 million) in the first six months of this year.

The company's accumulated losses as of June reached over VND2.5 trillion ($117.9 million), and short-term debts exceeded short-term assets by around VND1 trillion ($47.1 million).

Auditing firm Deloitte said that this situation could affect the company's solvency in the next 12 months.

Foreign investors finished the day as net sellers on the northern bourse by a margin of VND3.45 billion ($162,700), but remained net buyers in HCM City by VND12.9 billion ($608,400). — VNS


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