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| Investors watch stock prices at Vincom Securities Co. The VN-Index lost 3.34 points, or 0.73%, from a day earlier to close at 454.25 on Tuesday - Photo: Le Toan |
The market opened briefly higher again but subsequently fell back into negative territory and traded lower during the second matching phase to hit a low of 451.82 before rebounding slightly at the close.
On the Hochiminh Stock Exchange, demand surged 27.5% against the previous session to 53.8 million shares while supply rocketed 42.7% to over 64 million shares. Closing the day, the market’s total trading volume was 33.5 million shares worth VND884 billion, up 26% and 28% from a day earlier respectively.
Only 32 stocks advanced on Tuesday while 192 others closed in the red, including one stock hitting its ceiling price and 26 issues dropping to the floor prices.
Ocean Group Co. (OGC) took the lead in terms of liquidity but it lost 3.7% to VND28,200 per share on volume of 1.6 million shares. Vietnam Mechanization Electrification & Construction Co. (MCG) was the second biggest traded stock, adding 2.4% against the previous day to VND20,000 with 1.3 million shares changing hands.
Saigon Machinery Spare Parts Co. (SMA) began to trade over eight million shares on the bourse on Tuesday and it closed at VND15,000 against the reference price of VND16,200 with only 3,200 shares traded.
Foreign participation also recovered as investors acquired 3.8 million shares worth VND148 billion and offloaded 1.8 million shares worth 67 billion, making up 16.7% and 7.6% of the market’s buying and selling value respectively.
The Hanoi market also suffered three losing sessions in a row on higher turnover of VND587 billion. The HNX-Index fell 2.33 points, or 1.96%, against the previous session to close at 116.56.
There were 42 stocks rising while 258 others dropping back, of which one stock touched the ceiling price and 24 stocks plunged to the floor prices. Foreigners were slight net buyers again, accounting for 1.9% and 1.2% of the market’s buying and selling value respectively.
Vietnam International Securities Co. (VIS) in its report said investors once again became impatient and boosted selling towards the end of the session.
“We see that they were too cautious and declined to acquire shares at high prices, mostly because of strong fluctuations of gold and dollar prices. The Hanoi market also failed to improve as most investors still stayed on the sidelines,” VIS said.
HCMC Securities Corp. (HSC) said the buying size was more likely positioning than a major wave of buying. “However, with foreign limits in a host of blue-chips close to being full the smart money is picking up shares now while they can. We keep our positive medium and long-term stance while remaining cautious short term,” HSC said.
Saigon Thuong Tin Real Estate Joint- Stock Co., a unit of the fourth-biggest bank on Vietnam’s main stock market, plans to list 100 million shares on the Hanoi Stock Exchange next month, the unit’s chairman said.