The VN-Index plunged again yesterday, reversing the previous session's gains, closing off 1.29 per cent lower at 385.86 points with investors showing their disappointment towards the result of the State Securities Commission (SSC) meeting on Wednesday.
Following the SSC's press release yesterday morning, no stimulating solutions to boost the market in the short term were discussed and the legal framework, which will be applied in coming time with the aim of helping the market develop sustainably, failed to lift investor mood.
At least four brokers in four different securities companies said their investors were extremely disappointed with the current prolonged downturn. They were frustrated that no short-term measures to rescue the market were delivered, according to a short poll of the online newspaper VnEconomy yesterday.
On the HCMC Stock Exchange, market volume increased slightly to 33.9 million shares, but the value of today's trades dropped nearly 22 per cent from yesterday, totalling just VND556.2 billion (US$26.5 million).
Decliners outnumbered advancers by 144-78, led by slumps of several blue chips. Five of the 10 largest shares led by capitalisation fell, of which insurer Bao Viet Holdings (BVH) and PetroVietnam Finance (PVF) hit the floor price of a 5-per-cent decline.
The value of many shares declined 30-50 per cent in the last five months, including property shares such as Hoa Binh Construction & Real Estate (HBC), Hoang Anh Gia Lai (HAG), Tu Liem Urban Development (NTL) and Development Investment Construction (DIG).
Sharp reduction of the company's shares led HBC chairman Le Viet Hai to calm his staff. He explained in a letter that the share plunge was due to a sell-off of many investors who did not have enough money to pay their loans and there was no problem with the company's operation.
"[Employees] should not sell HBC shares at this time, and if capable, should purchase the company's shares," Hai wrote.
Only Sacombank (STB) and property developer Co (HAG) rose over 1 per cent, while others posted tiny gains of 0.4-0.7 per cent or closed unchanged. STB was also the most active code in HCM City with nearly 1.85 million shares changing hands.
On the Ha Noi Stock Exchange, the HNX-Index also slid nearly 2 per cent to finish yesterday at 62.88 points as losers tripled gainers.
The trading value fell 23.5 per cent to VND247.5 billion ($11.8 million) while the volume of trades also slumped 27 per cent to just 24.3 million shares.
Securities shares of Kim Long (KLS) and VNDirect (VND) saw the highest trading volume of over 2 million shares for each code, but both shares declined 1 per cent to around VND10,000 ($0.48).
(source: VNS)
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18/11/2011 10:13:56 AM | 