Shares slump as optimism ebbs

Tuesday, Apr 23, 2013 14:07

HA NOI (VNS ) — The VN-Index slid further yesterday afternoon, losing another 1 per cent to close the session at 468.43 points.


"Investor confidence was eroded as the market lacked news to boost confidence," analysts from FPT Securities Co said on the company's website.

Declining liquidity continued to be a major concern as it seriously affected the overall market sentiment, they said, noting that investors had sold off shares amid fears of further slumps.

Only 39.7 million shares, worth VND656 billion (US$31.2 million), changed hands yesterday, nearly unchanged compared to the previous session's levels.

Blue chips weighed on the market again as up to 21 of the top 30 shares by market capitalisation and liquidity sank while only two advanced, pushing the VN30 Index down 0.9 per cent to 527.63 points.

PetroVietnam Finance (PVF), Ocean Group (OGC), Gemadept (GMD) and HCM City Infrastructure Investment (CII) were the biggest losers yesterday, each declining by almost 7 per cent, the maximum intra-day plunge on the southern bourse.

Tan Tao Investment Industry (ITA) continued to be the most active code here on trades of 3.55 million shares but slid 5.08 per cent to close at VND5,600 a share.

On the Ha Noi Stock Exchange, the HNX-Index also fell 1.29 per cent to finish at 57.61 points with a low trading value of VND200.4 billion ($9.5 million).

Sai Gon-Ha Noi Bank (SHB) was the most active code with nearly 5.4 million shares, sliding 3.08 per cent to a close of VND6,300 a share.

Prolonged weak trading by foreign investors also contributed to the mounting investor pessimism. Foreigners concluded yesterday as net buyers on both exchanges yesterday but they picked up combined shares worth a modest VND24.22 billion ($1.15 million). — VNS

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