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| An investor seems to be disappointed while looking at stock quotations. The VN-Index dropped 6.92 points, or 1.52%, against the previous session to hit the year’s low of 447.92 - Photo: Le Toan |
Investors on the Hochiminh Stock Exchange bid for 40.8 million shares, falling by 36.8% from the previous session, while they offered 44.4 million shares, an 18.4% decrease. Liquidity continued to tumble as only 25 million shares worth VND762 billion were traded at the end of the day, dipping by around 27% and 16% respectively.
The market opened lower and fell in stages throughout the day before finally dropping two points at the close to hit the daily low of 447.92.
Up to 187 stocks closed the day down while 34 others gained ground, including three shooting up to the ceiling prices and 28 others dropping to the floor prices. Major sectors were all lower and BVH, CTG, PVF and OGC made the biggest negative contribution to the VN-Index.
Tan Tao Investment Industry Corp. (ITA) became the most actively traded stock that lost 4.5% to VND18,900 per share with around one million shares traded. Sacombank (STB) followed and closed flat at VND15,900 with volume of 911,000 shares.
Foreigners turned slight net sellers as they bought 1.4 million shares worth VND63 billion and sold 1.9 million shares worth VND67 billion, accounting for 10.3% and 11% of the market’s buying and selling value respectively.
The Hanoi market continued to slide in turnover to VND470 billion. Its stock index slipped 2.32 points, or 1.77%, from the previous session and ended the day at 129.09.
Only 63 stocks advanced and 217 others declined, with two going up to the ceiling prices and seven others declining to the floor prices. Foreigners were slight net buyers and accounted for 1.1% and 0.9% of the market’s buying and selling value respectively.
Fiachra Mac Cana, managing director of HCMC Securities Corp. (HSC), said both markets fell on Monday as late gains on the VN-Index on Friday were reversed while Hanoi continued to slide. Volumes were extremely low even for a Monday and market breadth narrowed.
“Investors largely ignored news that the Prime Minister has asked the central bank to take another look at Circular 13, perhaps given the previous weekend’s confusion they prefer to await an actual confirmation on this occasion. Market volumes have slumped in the meantime, suggesting a kind of capitulation on the part of many investors. HSC continues to recommend that medium and longer term investors buy cautiously while shorter term investors can stand prepared but not jump in just yet,” Mac Cana added.
Viet Dragon Securities Co. in its Monday report said the market technically had moved off the selling area and would create some short-term rallies. However, on Tuesday’s session will continue to challenge investor patience and the VN-Index would fluctuate between 440 and 450 points,” the broker said.
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