Analysts positive despite stutter

Wednesday, Jun 12, 2013 10:33

A investor follows a trading session at Bao Viet Securities in Ha Noii. — VNS Photo Thai Ha
HA NOI (Biz Hub) — Shares tumbled on both of the nation's stock exchanges yesterday, with investors hesitant in trading throughout both sessions.

Nguyen Duc Cong, an analyst for the financial information website, said: "The absence of positive information released today has impacted transactions, so the market did not rebound strongly."

However, he claimed that the value of domestic shares would improve towards the end of June, due to the work of the Viet Nam Asset Management Company and positive business results from the first half of the month.

"Declining interest rates along with the financial restructuring of many companies brings hope of lower borrowing costs and improved profitability," he argued.

On the HCM City Stock Exchange, the VN-Index retreated 0.5 per cent to 521.95 points.

Losers overwhelmed gainers by 124-87.

The VN30, which represents the performance of 30 leading stocks in HCM City, also slipped 0.5 per cent to 581.15 points. Among the blue chips, 17 stocks dropped while only nine others advanced.

The 2.1 per cent fall in value of the biggest share – property developer Vingroup (VIC) - weighed down the index. Vingroup yesterday saw more than 6 million shares exchanged through the negotiation method.

Market value on the southern bourse remained at VND1.5 trillion (US$71.4 million), easing 9.6 per cent over Monday's session with over 68 million shares changing hands.

On the Ha Noi Stock Exchange, the HNX-Index shed 0.17 per cent, dropping to 65.49 points.

Trading value fell 28.1 per cent from the previous day, standing at VND344.4 billion ($16.4 million). Trading volume reached 39.9 million shares.

The HNX30, composed of the northern exchange's top shares, lost 0.5 per cent, falling to 125.79 points.

After ending several sessions as net sellers, foreign investors concluded yesterday as buyers by a combined margin of VND402.3 billion ($19.15 million). — VNS

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