Shares continued to decline on both stock exchanges yesterday, although they rebounded on the Ha Noi bourse in the final minutes before the closing bell.
After nearly two weeks of declines, investors became overly cautious, Vietcombank Securities Co analysts wrote in a note, predicting that the current state of affairs would continue into coming sessions absent any positive news.
Global economic instability, including US protests against the political influence of Wall Street, was weighing more heavily upon domestic investor psychology, commented Bao Viet Securities Co Pham Van Khoa. Short rallies were only likely as share prices dropped low enough to attract speculators, Khoa said.
On the HCM City Stock Exchange yesterday, the VN-Index lost another 0.93 per cent to close at 418.18 points. Trades continued sluggish with just 28.4 million shares changing hands, for a value of nearly VND485.7 billion (US$23.3 million).
Decliners outnumbered advancers by 160-68, with 45 codes falling to their floor prices.
The performance of blue chips was mixed. Steelmaker Hoa Phat Group (HPG) rose by 0.8 per cent, while real estate developer Vincom (VIC) dropped by 3.1 per cent and Vietinbank (CTG) closed down 2.4 per cent.
Pha Lai Thermal Power Co (PPC) surprised as the most-active share on the southern bourse yesterday with more than 1.3 million traded. PPC hit its ceiling price of VND7,200 per share by the end of the session.
On the Ha Noi Stock Exchange, the HNX-Index managed a gain 0.11 per cent in the waning minutes of the session to close at 70.46. The value of trades decreased slightly from Monday to nearly VND323.4 billion ($15.5 million) on a volume of 32.8 million shares.
VNDSecurities (VND) was the most-active share nationwide, with 2.3 million shares changing hands.
The State Securities Commission yesterday said it was asking its units, including the two stock exchanges and the securities depository centre, to monitor markets and gather evidence of short sales. The commission suspects that a number of major investors have abused short sales to force abrupt market shifts during intra-day trading, greatly affecting the psychology of smaller investors.
(VNS)
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06/10/2011 09:28:57 AM | 