HA NOI (VNS) – Shares fell yesterday after news emerged that electricity prices will increase by 5 per cent today.
|An investor reads a securities bulletin in Ha Noi. The HNX-Index slid 0.5 per cent to close at 54.05 points yesterday. — VNS Photo Truong Vi
The price has been revised twice this year, and after the first review on July 1, the stock market tumbled.
"Although the lift in electricity prices will have little effect on this year's inflation target, it will affect commodity prices next year," commented FPT Securities Co analysts.
On the HCM City Stock Exchange, the VN-Index lost 0.73 per cent to close at 396.78 points.
Most listed shares closed the session unchanged, while 71 declined and 84 managed to gain.
Trading continued to reach over VND1 trillion (US$47.6 million), this time increasing 18 per cent over Thursday's value, totalling nearly VND1.34 trillion (US$63.8 million) on a volume of 76.8 million shares.
"If trading remains at this high level, the index can break the level of 400 points, reinforcing the possibility of recovery," said FPT Securities Co analysts.
"However, liquidity will be threatened next week as exchange-traded funds finish their portfolio reviews," they added.
Blue chips were mixed yesterday, with 15 out of the 30 largest stocks tracked by the VN30 falling, while 10 rose. Stocks hit both their increase and decrease limits: Vietinbank (CTG) was up to VND19,400 ($0.9) and PetroVietnam Finance (PVF) fell to VND7,900 ($0.37). The index retreated 0.66 per cent overall, finishing at 465.24 points.
On the HaNoi Stock Exchange, the HNX-Index slid 0.5 per cent to close at 54.05 points.
Losers outnumbered gainers by 101-82, while the prices of two-thirds of Ha Noi's stocks remained static.
The value of trades dropped 27 per cent over the previous session to just VND308.6 billion ($14.6 million) as trading volume fetched 48.9 million shares.
The HNX30, representing the northern exchange's leading shares in capitalisation and liquidity, dropped 0.9 per cent to 100.28 points. While domestic investors sold off shares to take profits, foreign players were net buyers. — VNS