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VietNamNews

Stocks reverse previous day's gains

Update: June, 01/2012 - 09:35

HA NOI — Shares declined again yesterday on the nation's stock exchanges, after posting gains on Wednesday.

On the HCM City Stock Exchange, the VN-Index tumbled 1.4 per cent, finishing at 429.20 points. It lost a cumulative total of 9.2 per cent over the course of the past month.

The VN30 Index, tracking the southern bourse's 30 leading stocks, closed at 507.07 points, a 1.2-per-cent fall-off. Of this group of shares, only those of construction firm Sudico (SJS) and Vinh Son-Song Hinh Hydropower Co (VSH) managed to add points. Others lost significant value, including real estate developers Hoang Anh Gia Lai (HAG) and Vingroup (VIC), and Vietcombank (VCB).

Recently-listed PetroVietnam Gas (GAS), which is not included on the VN30 but has become the second-leading share by capitalisation on the HCM City bourse, also declined.

The overall value of trades in HCM City yesterday reached VND732 billion (US$34.8 million) on a volume of 48.2 million shares.

On the Ha Noi Stock Exchange, however, value rose by 26.4 per cent over the previous day to VND437 billion ($20.8 million), while volume exceeded 44 million shares. The HNX-Index hit 74.07 points, a retreat of over 2 per cent.

VNDirect Securities Co (VND) emerged as the most-active share nationwide with around 3.2 million units exchanged.

"Stock indices will need at least one or two weeks to get rid of the current accumulative phase and see improved liquidity," predicted Bao Viet Securities Co analyst Nguyen Xuan Binh.

According to BIDV Securities Co analysts, the market lacked any increasing impetus and sell pressures remained high. "Based on current market movements, expected profits can't make up for the risks," they said.

Despite the mood among domestic investors, foreign investors continued to be buyers on both bourses by a combined net of VND72 billion ($3.4 million). — VNS

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