Benchmark indices closed in the green on Friday on both national stock exchanges, with the VN-Index reaching 414.49 points and the HNX-Index 69.19 points, but both lost ground over the course of the entire week. Even a rebound on global markets last week failed to support domestic shares.
On the HCM Stock Exchange, the VN-Index concluded the week off 0.83 per cent from the previous Friday's close, marking the fifth consecutive weekly decline on the HCM Stock Exchange.
Average daily value reached only VND416.5 billion (US$20.1 million), a decrease of 24.3 per cent from the prior week, while the volume of trades also dropped 17.9 per cent, averaging 27.5 million shares per session.
Cash flows in HCM City during the week were mainly poured into "hot" stocks such as Becamex Infrastructure Investment Co (IJC) and real estate developer Hoan Quan (HQC).
On the Ha Noi Stock Exchange, the HNX-Index declined by an even steeper 3.23 per cent over the previous week. Notably, the HNX-Index has plunged nearly 64 per cent since earlier this year.
Average daily value on the northern bourse fell 11.3 per cent to just over VND304.9 billion ($14.7 million), on an average volume of 30 million shares.
Sessions on Wednesday and Thursday last week saw the highest volumes, as investors dumped shares in the wake of the State Securities Commission's publication of its list of stocks that will be ineligible for margin trading – a list which included many shares favoured by investors.
"This will significantly reduce the attractiveness of the market," commented Kim Eng Securities Co analyst Phan Dung Khanh.
Only blue chips managed a net gain over the course of the week, rising by an average of 0.2 per cent, while all other shares retreated by an average of 2.8-3.1 per cent. Securities, construction and real estate shares were the biggest losers.
Foreign investors concluded the week as buyers on both bourses by a net of VND62 billion (nearly $3 million).
"Positive information over the past week helped ease worries about the economic crisis and boost global stock and commodities markets, with most of stock indices in the US and Europe advancing by more than 5 per cent," said Khanh. But gold prices were likely to reheat, he predicted, as widespread fears about the eurozone debt crisis had not yet been eliminated.
Meanwhile, the domestic economic outlook seems even more grim. According to the Ministry of Planning and Investment, nearly 49,000 enterprises this year had gone bankrupt, halted operations and stopped paying taxes as of September – a figure that could account for nearly 10 per cent of the 600,000 businesses nationwide.
The eroding value of the domestic currency against the US dollar was also having a negative impact on investor psychology, said FPT Securities analyst Nguyen Van Quy, noting that the dong had been depreciated seven times over the past two weeks, with the interbank exchange rate rising from VND20,628 to VND20,708 per dollar.
Quy predicted the VN-Index would fluctuate between 410-415 points today, with further declines the dominating trend.
(source: VNS)
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18/10/2011 08:19:28 AM | 