National stocks end two-day rally

Saturday, May 18, 2013 11:45

Shares fell into the red during yesterday's session on both national stock exchanges.—Photo NLD

HA NOI (Biz Hub)— Shares fell into the red during yesterday's session on both national stock exchanges.

However, according to securities specialist Quach Manh Hao, things will look brighter next month as the Vietnamese stock market will generate opportunities driven by investor psychology and cash pouring into bargain-priced shares.

"June is the time when a number of policies start to generate effects," he said. The national corporation to handle bad debts will be established this month, in addition to the release of VND30 trillion (nearly US$1.5 billion) stimulus package for the real estate sector effective from next month.

"Interest rates are declining, meaning money will gradually shift to stocks," he told the Vietnam Economic Times.

On the HCM City Stock Exchange, the VN-Index shed 0.56 per cent to 487.60 points. Losers overwhelmed gainers by 101-88.

Market value decreased slightly over Thursday's level to nearly VND849.5 billion ($40.4 million) on a volume of 50 million shares.

Blue chips were mixed. Of the 30 leading shares tracked by the VN30, 15 stocks tumbled, nine others managed to advance and the remaining closed unchanged from the previous session.

Food processor Bourbon Tay Ninh (SBT) dropped over 6.5 per cent and insurer Bao Viet (BVH) slipped 3 per cent – the highest rates yesterday.

The index lost 0.45 per cent to 553.51 points.

On the Ha Noi Stock Exchange, the HNX-Index finished yesterday down 0.8 per cent, reaching 60.45 points.

As more than 21.9 million shares changed hands, trading value totalled VND173.1 billion ($8.2 million).

The HNX30, representing the performance of Ha Noi's top 30 shares, also slid 0.93 per cent to 113.22 points.

Despite the market decline, foreign investors yesterday kept themselves as buyers on both bourses, with the net buying value hitting VND63.3 billion ($3 million).

On the gold market, the State Bank of Viet Nam carried out its 19th gold auction yesterday with 26,000 taels going for bids but only 8,000 taels being sold.

The selling price could not exceed the given floor price of VND40.83 million ($1,900) per tael. This was VND100,000 lower compared to Saigon Jewelry Co's rate yesterday morning.

The number of participants in the central bank's auctions decreased recently, especially among commercial banks – who were the major buyers. — VNS

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