sluggish trading totalling just 36.5 million shares, worth only 977
billion VND (50 million USD).
The VN-Index closed up just 0.29 percent to 462.05 points after reaching as high as 467 points earlier in the session.
Heavy purchases by foreign investors in many blue chips helped lift
some shares, such as software giant FPT, developers Hoang Anh Gia Lai
(HAG), Masan Group (MSN) and Vincom (VIC), insurer Bao Viet Holdings
(BVH) and Phu My Fertilisers (DPM), but decliners outnumbered advancers
overall by 163-58.
Foreign investors accounted for over
half of overall market value on Oct. 7, responsible for transactions
totalling nearly 11.5 million shares and worth about 473.5 billion VND
(24.3 million USD). They were net buyers by a volume of nearly 6.7
million shares and a value of 301.2 billion VND (15.4 million USD).
Beta Securities Co analysts commented that Oct. 7's market gains were
entirely due to heavy foreign buys in blue chips and were not
sustainable.
Strong fluctuations on the foreign currency
market drove several institutional investors to increase securities
investments to disperse risk, added analysts from Saigon Securities Inc.
On the Hanoi Stock Exchange, which saw less impact from
foreign investors, the HNX-Index declined 1.78 percent on the day to
close at 122.62.
The volume of trades dropped by 20
percent from Oct. 6's session to about 23 million shares, with a value
of nearly 539 billion VND (27.6 million USD).
Losers
outnumbered gainers by 208-76, with PetroVietnam Construction (PVX)
again being the most-active share on a volume of 2.7 million. PVX closed
down 0.44 percent to 22,700 VND (1.15 USD).
Of the 10
leading shares by capitalisation on the northern bourse, Bao Viet
Securities (BVS), Tien Phong Plastics (NTP), PetroVietnam Insurance
(PVI) and PetroVietnam Technical Services (PVS) rallied.
Dramatic hikes in gold prices and the rising value of the US dollar on
the black market has spooked many domestic investors over the stability
of the economy, said Bao Viet Securities Co analyst Nguyen Duc Thi.
"There is no positive news currently supporting investor psychology,
and the market has not given any signs of a stable uptrend," Thi said./.
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