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VietNamNews

Profit-taking depresses indices

Update: April, 07/2010 - 10:18
HA NOI — Profit-taking late in yesterday's trading session held the VN-Index to a gain of just 0.1 per cent and a close of 515.33 points.

Trading volume on the HCM City Stock Exchange soared by 52.5 per cent, however, to over 66.3 million shares, while the value of the day's trades rose by 56.6 per cent to nearly VND2.6 trillion (US$136.8 million).

With no supporting information, Viet Nam Tanker Co (VTO) surprised the southern market, becoming the most heavily-traded share with over 3.1 million changing hands.

On the Ha Noi Stock Exchange, the HNX-Index slid by 0.28 per cent to 166.72. The value of the day's trades grew by 20.7 per cent to VND1.4 trillion ($73.7 million), however, on a volume of nearly 40.5 million shares – up 16 per cent from the previous session's volume.

With the notable exception of PetroVietnam Construction (PVX), blue chips such as Vinaconex (VCG), Kim Long Securities Co (KLS) and Asia Commercial Bank (ACB) all registered losses of value. Viet Nam Germany Steel Pipe Co (VGS) led the northern bourse by volume with over 5.65 million shares traded.

After three consecutive rising sessions, many shares had reached investors' profit expectations, driving them to sell and realise cash, said FPT Securities Co analysts in their daily market report.

Many investors remained eager to buy in, however, on high expectations for market performance, they said.

Thang Long Securities Co deputy general director Quach Manh Hao said the market was being sustained by recent moves of the State Bank of Viet Nam and strong net buys by the foreign sector.

Foreign investors doubled both buying and selling activity, concluding the day's trades as net buyers on the HCM City market by a volume of 2.2 million shares, worth a combined net of over VND144 billion ($7.6 million).

On the Ha Noi market, they were net sellers by volume of 609,300 but net buyers by value of just VND17.6 billion ($926,315). — VNS

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