HCMC – As investors were pessimistic, the local market saw another slow
trading session on Tuesday with liquidity plunging to the lowest level since
January. The VN-Index marked the second straight losing day, dipping 1.5
points, or 0.38%, to close at 389.86.
Stocks opened slightly in the red
and moved higher before fluctuating in a narrow range and ending the morning
session almost flat. In the afternoon, trading saw a weaker opening and the
index fell off again to close almost at the lows.
Liquidity on the Hochiminh Stock
Exchange sharply contracted with only 23 million shares worth VND279 billion
traded at the end of the day, falling by 22.4% and 38.5% against the previous
session respectively.
Decliners outnumbered advancers
by 128 to 77, including 19 stocks hitting the ceiling prices and 36 others
plunging to the floor prices. As for the index heavyweights, GAS saw gains
while VNM and VCB suffered some losses.
Tan Tao Investment Industry
Corporation (ITA) remained the most actively traded stock, dropping 2.3%
against the previous day to VND4,200 per share on a volume of 2.5 million
shares, followed by Duc Long Gia Lai Group (DLG), which rose 2.8% to VND3,600
with 1.2 million shares traded.
Foreigners virtually disappeared
from the market, accounting for just 8.7% and 7% of the market’s buying and
selling value respectively. HCMC Securities Corp. said that the closure of the
New York Stock Exchange (NYSE) for weather reasons did have some affect on
foreign trading levels on Tuesday and this might well still be a factor on
Wednesday.
The Hanoi market continued its
downward spiral although turnover improved strongly to VND259 billion. The
HNX-Index fell 0.51 point, or 0.95%, from the session earlier and ended the day
at 53.13.
There were 72 stocks rising while
92 stocks posted losses, including 32 stocks going up to the ceiling and 36
stocks dropping to the floor prices. Foreigners accounted for 1.4% of the
buying value and 1.3% of the selling value.
Viet Capital Securities Co. said
that weak third quarter earnings at Bank for Investment and Development of
Vietnam (BIDV), the second largest bank by assets, dragged down banking stocks.
BIDV reported third quarter earnings of VND196 billion, down 56% year-on-year.
Investors were concerned that
other bank earnings will be just as weak, sending the banking sector down 0.7%
on the southern bourse and down 2.5% on the northern exchange. The Hanoi bourse
was dragged down by Asia Commercial Bank (ACB) and Saigon-Hanoi Bank (SHB),
which lost 2% and 5% respectively.
“We expect the market to decline
slightly and the VN-Index to test the 385 to 387 point support zone tomorrow.
This is considered as a buy convergence support zone,” the broker added.
Phuong Thao - The Saigon Times
Daily
Business & Investment Opportunities
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