despite the State Bank of Vietnam’s announcement this week resolving
investor uncertainly about Circular No 13, as well as economic growth
announced by the General Statistics Office (GSO) at a healthy 6.52
percent in the first nine months of the year.
On the HCM Stock
Exchange, the VN-Index closed down 0.48 percent to 452.94 points,
despite rising throughout most of Sept. 29’s session. Over 33 million
shares were exchanged, worth 896.1 billion VND (46 million USD) – a
decline of 15 percent in volume and 10 percent in value.
Decliners outnumbered advancers by 173-42.
Ocean
Group continued as the most-active share on the southern bourse on a
volume of just around a million shares, closing unchanged at 32,200 VND
(1.65 USD).
Of the 10 leading shares by
capitalisation, insurer Bao Viet Holdings (BVH), Eximbank (EIB) and real
estate developer Vincom (VIC) posted gains, while software giant FPT
(FPT), Sacombank (STB), and developers Hoang Anh Gia Lai (HAG) and Masan
Group (MSN) declined.
On the Hanoi Stock Exchange, the HNX-Index
fell by an even more substantial 2.12 percent to close the day at just
127.41 points. Market value declined by 14 percent to 842.7 billion VND
(43.2 million USD) on a volume of 33.54 million shares, while losers
outnumbered gainers by an overwhelming 264-38.
PetroVietnam
Construction (PVX) resumed its role as the most-active share nationwide
with 2.57 million shares traded, but the shares closed down 2.9 percent
to 23,300 VND (1.95 USD).
VNDirect Securities Co
analyst Pham Vu Dong on Sept. 29 told financial information website
cafef.vn that, excluding growth, all other economic indicators were
unfavourable. He noted high inflation in September and a trade deficit
that could reach 13.5 billion USD by year’s end, along with sluggish
credit growth.
“The domestic economy is unlikely to undergo a sudden turna-round in the remaining months of the year,” Dong said.
Gold
prices continued to lure investors away from stocks, as well, with
domestic gold prices hitting another record high on Sept. 29 at over 31
million VND (1,590 USD) per tael. (A tael is equal to 1.2 troy ounces).
ACB
Securities Co analysts also noted that Circular No 19, which
supplements Circular No 13, retained the risk coefficient ratio for
securities at 250 percent, a level unlikely to encourage banks to loan
further funds for securities investment.
Foreign investors
continued as net buyers on both exchanges on Sept. 29, picking up 38.5
billion VND (2 million USD) worth of shares./.
