Shares slide on investor sell-off

Investors continued to unload shares yesterday, forcing the VN-Index down another 1.62 per cent to finish at 379.62 points, the lowest level since May 2009.

On the HCM Stock Exchange, trading value fell slightly from Thursday to VND542.9 billion (US$25.9 million) on a volume of nearly 34.4 million shares.

Losers overwhelmed gainers by 175-49, with half of the losers dropping to the floor price, led by blue chips. Seven of the 10 largest capitalised shares lost ground, including food processor Masan Group with a loss of 4.2 per cent, PetroVietnam Finance (PVF) down 3.2 per cent, and steel producer Hoa Phat Group (HPG) and property developer Hoang Anh Gia Lai (HAG) both falling 2 per cent.

Of the top 10, only Sacombank (STB) made gains, rising 2.1 per cent to close at VND14,800 ($0.70). STB was again the most active code in HCM City with over 2.5 million shares traded.

Shares plunged steeply for two days in a row, just after a brief rebound on Wednesday, surprising many analysts. Nguyen Huu Viet, director of the analysis division of IRS Securities Co, said erratic fluctuation of recent sessions had eroded investor confidence.

"Investor psychology turned from cautious to a fearful state and they try to seek a way to restore the value of their investments. Therefore, the market will need a longer time, from three to six months, to have a clearer view about the market trend," Viet said.

Besides, the liquidity of the banking sector was still very tense, so cash flow into the stock market would likely continue shrinking, he added.

On the Ha Noi Stock Exchange, the HNX-Index continued to fall, dropping 1.11 per cent over Thursday to finish at 62.18 points, as decliners outnumbered advancers by 186-55.

Trading value fell slightly to VND227.8 billion ($10.8 million) with over 25 million shares changing hands.

(source: VNS)

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