Shares recede after two-day rally

HA NOI — Shares slumped on both of the nation's stock markets yesterday, led by a number of banking shares which receded from two prior days of gains.

Shares of Eximbank (EIB), Sacombank (STB), Asia Commercial Bank (ACB), Ha Noi Housing Bank (HBB) and Sai Gon-Ha Noi Bank (SHB), all dropped to their floor prices, while Vietinbank (CTG), Sai Gon Maritime Bank (SHC) and Nam Viet Bank (NVB) bucked the trend and posted gains.

Saigon Securities Inc analysts had said it would be difficult for bank shares to maintain prices after three consecutive days of solid gains. They also advised investors to be cautious, realise profits as soon as possible, and wait for reasonable prices before buying back in.

On the HCM City Stock Exchange yesterday, the VN-Index closed off 2.69 per cent to 480.21 points. Trading volume declined 15.5 per cent from the previous session to around 80.8 million shares, worth a total of VND1.9 trillion (US$95 million).

Decliners outnumbered advancers by 208-28, with Phu My Fertilisers (DPM) and Vietinbank (CTG) the only codes out of the 10 leading shares on the market by caitalisation to post gains.

Tan Tao Investment Industry Corp (ITA), with 5.54 million traded, was the most-active share, closing unchanged at VND16,300 (.82) per share.

On the Ha Noi Stock Exchange, the HNX-Index retreated by 4.29 per cent to end the session at 115.43 points. The volume of trades decined by 27 per cent to about 57.7 million shares, for a total value of VND1.1 trillion ($55 million).

Losses outnumbered gains by 288-43, with 123 codes fell to the floor. Kim Long Securities (KLS) – the most active share nationwide with 7.1 million exchanged – also fell to the floor at VND16,100 (.81) at the close.

Au Viet Securities Co deputy director Le Anh Thi said the market could continue to decline through early next week, when a large number of stocks would reach investor accounts after being acquired this week, under the T+4 system.

"However, heavy trading volume is a positive sign," Thi said. "If this can be maintained for one or two weeks, it will help the market rise more stably."

Foreign investors remained net buyers on both exchanges yesterday, picking up a combined net of almost VND120 billion ($6 million). They bought most heavily into financial shares, including Vietinbank (CTG), Vietcombank (VCB), Saigon Securities Inc (SSI) and Bao Viet Securities (BVS).

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
  • Profit-taking depresses shares
Older Articles
  • Dec 15: VN Index regains 490 on policy move
  • Dec 14: Vietnam stocks fall on profit taking, liquidity at year high
  • Stocks rebound with bank and securities shares
  • Bank shares help boost trades
  • Securities shares lead today's rally
  • Analyst sees value in Viet Nam stocks
  • Call to punish speculators who unsettle domestic stock markets
  • Shares advance on soaring volume
  • Share buyers continue to gain confidence
  • Indexes slips ahead profit-taking
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 © 
Powered by: CIINS Design by: