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

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