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VietNamNews

Caution takes its toll on markets

Update: March, 08/2013 - 00:00

HA NOI (VNS)– Shares retreated yesterday on both of the nation's stock exchanges.

On the HCM City Stock Exchange, the VN-Index dropped 0.95 per cent to 466.63 points.

Advancers, however, slightly outnumbered decliners thanks to gains earlier yesterday morning.

Market value jumped 62.4 per cent compared to Wednesday's level to VND792 billion (US$37.7 million) with profit-taking. Trading volume reached 46.95 million shares.

The VN30, tracking the city's top 30 shares, also failed to retain the rally with 17 stocks tumbling. Meanwhile, there were only eight rising codes. The index lost 1 per cent to hit 533.69 points.

On the Ha Noi Stock Exchange, the HNX-Index fell 1.1 per cent, reaching 60.15 points. Only 15 per cent of the listed shares finished the session higher.

Trading was sluggish, sliding 12.4 per cent over the previous day to VND272.9 billion ($12.9 million) with only 38.17 million shares changing hands.

Shares tracked by the HNX30 also had an off day. The index overall shed 2 per cent to hit 114.78 points.

Nguyen Thi Ngoc Mai, chief of brokerage in a branch of Maybank KimEng Securities, said that the market was in a period of decline. "However, instead of sloping, it is following a zigzag path," she added.

Meanwhile, she noted that liquidity was low in an increasing number of sessions. "This represents a move to cut margins to take investor accounts into a status of safety."

She suggested that this demonstrated the psychology of investors was increasingly cautious, and feared that the market in the short term could not prosper.

She continued by saying that in the medium and long term, investors should buy when the shares of interest reach support levels, while in the short term, buys should be limited to reduce risks.

Foreign investors increased their net buys from Wednesday's session to a total of VND33 billion ($1.5 million). — VNS

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