VietnamNewsToday.com

Profit-taking depresses shares

HA NOI — Profit hunters cut into the value of shares at mid-session yesterday on the HCM City Stock Exchange, sending the VN-Index to a close of 520.23 points, a decline of 0.45 per cent from the previous day's level.

About 130 stocks and fund certificates lost ground, with wood products producer Duc Long Gia Lai Group (DLG) and fund certificate Vietnam Fund Management/Vietnam Active Fund (VFMVFA) each declining by 5 per cent to VND26,600 and VND7,600, respectively.

Lu Gia Mechanical Electric Co (LGC) also lost 4.92 per cent of its value to close at VND30,900 per share.

The performance of blue chips was particularly discouraging to the VN-Index, with stocks having a heavy influence on the Index seeing significant losses. Insurer Bao Viet Holdings (BVH) dropped by 2.1 per cent while conglomerate Masan Group (MSN) declined by 1.7 per cent.

Banking stocks decline by 0.8 percent overall after soaring for the previous two sessions.

"The movement of the VN-Index has been mostly driven by the movements of BVH and MSN," said a securities analyst who asked to remain a nonymous.

"When these stocks plunge, it certainly impacts both the Index and market sentiment."

The analyst said that the number of BVH and MSN shares available on the market was low, allowing a few major investors to influence price volatilities. "In this case, foreign investors are the influential factor," he said.

Foreign investors turned net sellers on the HCM City market yesterday, unloading a net of 300,000 shares worth a combined VND12.2 billion (US$580,952).

Their sell-off of BVH shares accounted for fully 44 per cent of the share's total volume during the session.

Tan Tao Industrial Park (ITA) was the most-active stock on the HCM City market yesterday, with 4.6 million traded. ITA closed up 4.27 per cent, driven by a 2010 profit reported at VND859 billion ($41 million), double 2009's figure.

A number of penny stocks managed gains. Viet Nam-Italy Steel (VIS) rose 4.9 per cent, while Imexpharm Pharmaceutical (IMP), Binh Duong Trade and Development (TDC) and Petroleum Equipment Assembly and Metal Structure (PXS) each closed up by over 4.75 per cent.

Overall, trading volume remained low in HCM City at 31.6 million shares, worth VND796.4 billion ($38 million).

On the Ha Noi Stock Exchange, the HNX-Index also closed down by 0.66 per cent to 107.67 points. Volume was low at 17.5 million shares, worth a combined VND340.5 billion ($16.2 million). VNDirect Securities (VND) was again the most-active share on the northern market, with 2.3 million traded.

From VietNamNews

Newer Articles
  • Securities firms seek solutions to overcome difficulty
  • Income from securities could get tax waiver
  • Kinh Do to list on London exchange
  • April 28: Vietnam stocks closed mixed, broad market sentiment weak
  • April 26: VN index falls but 460 threshold sustains
  • Seize illegal profits, ban stock fraudsters: experts
  • Only 20-35pct of stock accounts see frequent transactions
  • Experts explore potential products for securities market
  • Ministry says securities rules to change for the better
Older Articles
  • Ministry says securities rules to change for the better
  • Listed firms post fourth-quarter losses
  • US consultancy firm inks deal with Beta Securities
  • No immediate plans to pull capital from Bao Viet: SCIC
  • Listed firms fear hostile takeovers
  • Banks hesitate over joining stock exchange
  • Two bourses sharply lose points, trading remains quiet
  • Jan 5: Vietnam stocks fall on profit taking, 480 threshold still firm
  • Vietnam stock market to rise for 7 reasons: analysts
  • Foreign investment tipped to rise
Latest News
  • Vietnamese software firms consider Japan as the major market
  • Despite problems, 2011 FDI spending equals 2010
  • EVNTelecom asks for government’s approval to sell 12pct stake for VTC
  • Vietnamese enterprises expanding into international markets
  • Ernst & Young Vietnam role to be examined
  • Vietnamese firms invest over $24.5b in foreign countries as of July-end
  • Vietnam Insurance Market: Keeping Double-digit Growth
  • Vietnam’s economy looks grim with ADB’s forecast
  • Ministry rejects import-export tax changes
  • Government okays anti-dumping suit against US
For Foreigners
  • Adb: policy tightening will lower inflation
  • HSBC, Barclays to advise Vietinbank’s planned overseas dollar bond sale
  • Vietnam govt to service debt for troubled cement projects
  • Calm heads prevail as the forex market to remain cool
  • Further fiscal & monetary tightening in coming months
  • IMF cuts Vietnam’s inflation forecast to 9.5pct in 2011
  • Vietnam’s dong has best week since 1997 after dollar rates curb
  • Vietnam tightens control over state-bank partnership
  • Foreign investors list problems in Vietnam
  • Foreign invested enterprises complain about customs procedures

BusinessTradeVietnamGovernmentFDIWorld economyVietnamese PartyEconomyEconomicMarketState managementPrime MinisterHCM cityHanoiHo Chi MinhCPIAsianWorldAmericaEuropeNguyen Tan DungHau GiangMekong DeltariceStandingMekongCambodiausajapanchinakoreaLai ChauHoa BinhHoi AnChu LaiQuang NamDa nangCan thoSon LaPower PlantMinistry of IndustryDung QuatOilSingaporeThailandMalaysiaIndonesiaLaosVietnameseFDI capitalinvestorsforeign investorNetherlandsUSservicetransportationinfrastructuretourismVNPostExpressSpainGoldTra fishexportcontractstouristMiddle AreaConstructionShipbuildingIndustryCompanyIndustrial ZonebudgetDong NaiBinh DuongVung TauTay NinhBinh PhuocTay NinhLong AnTien GiangUS investorshydropower plantQuang NinhNha TrangStock ExchangeHNXIndexcapitalAgricultureDong ThapAn GiangExport-Processing ZoneYen BaiLao CaiLai ChauDien BienSon LaHoa BinhPhu ThoHa GiangTuyen QuangBac KanLang SonCao BangmanufacturersAseanRussiadevelopmentAviationinflationHong KongAmericanChamber of CommerceSeafoodODAWBIMFFEDAsia-PacificAssociationcountriesEuropeanmarine economyThanh HoaNghe AnNam DinhHa TinhPhu LýVinh PhucBac NinhBac GiangHung YenHai DuongBinh ThuanBinh PhuocLam DongGia LaiKon tumQuang NgaiQuang BinhQuang TriNinh ThuanCa MauBac LieuSoc TrangTra VinhKien GiangVinh LongBen TreincomespoliciesLawassetsNatural GasBuildingstatisticsstrategyDa Latmineral exploitationprocessingindustrieselectricitywatersupplyEnterprisesforestryfisherycommunicationsreal estatetransportationCorruptionbauxiteSecuritiesInsuranceBankFinanceAccountgoodsTrade BalancecoffeeCoalfestivalHa NamNinh BinhHoa BinhUniversityArtsBooktravelVietnam VisaVisaPagodaCommitteePeople's CommitteeVinashincompaniesHoa PhatHSBCACBvietcombankvietinbank

Copyright 2010 © VietnamNewsToday.com 
Powered by: CIINS Design by: Webdesign.vn