HCM City shares plunge by 4%
HA NOI — The VN-Index yesterday lost ground for the 10th consecutive session, diving 4 per cent to close 386.36 points.
On the HCM Stock Exchange, decliners accounted for 86 per cent of the listed codes.
The value of trade was modest, with VND674 billion (US$32 million), worth 35.5 million shares, changing hands, down 4 per cent in value and 9 per cent in volume over Tuesday's session.
The 10 largest shares in terms of capitalisation, which therefore hold the greatest influence on the VN-Index, all plummeted. Notably, eight codes bottomed out, while Sacombank (STB) dropped 2.5 per cent and Eximbank (EIB) 0.7 per cent.
Most of the shares were heavily washed out, while demand was weak, with numerous stocks being ignored.
Analysts on the financial information website stockbiz.vn said the problem of interest rates, inflation and exchange rates could not be resolved in the short term and that cash flow into the market would continue to be limited.
On the Ha Noi Stock Exchange, the HNX-Index marked its 12th consecutive tumble, ending down 4 per cent to 69.01 points.
Decliners outnumbered advancers by 292-15. Market value reached 88 per cent of Tuesday's figure, worth VND321.3 billion. Trading volume also dropped 11.4 per cent to 31.2 million shares.
Kim Long Securities Co (KLS) claimed the highest traded volume at nearly 3 million shares.
Whilst the majority of shares headed down, some saw significant growth, such as Ha Giang Mineral and Mechanics Co (HGM) edging up 4.4 per cent to close at VND90,000. The company's main shareholder, BIDV Securities Co, will begin buying 470,000 HGM shares today.
Foreign investors sold off blue-chip shares with a net value of VND63.2 billion ($3 million) on the HCM City bourse. In Ha Noi, net sales by foreign investors were worth VND6.7 billion ($319,000).
Tran Thi Hai Yen, ACB Securities Co analyst, said: "In the coming sessions, we might tentatively expect demand to regain as share prices lose value. However, this hope remains fragile because investors have lost their trust in the resilience of the market." — VNS