BTA
08-07-2008, 02:16 PM
Huge sales yesterday pushed the VN-Index down 3.79 points or 0.86 per cent, to close at 435.89.
The HCM City Stock Exchange saw 129 losers and only 18 gainers.
Major stocks, including Hau
Giang Pharmaceutical Joint Stock Co (DHG), Vinamilk (VNM),
Refrigeration Electrical Engineering Corp (REE), Sacombank (STB) and
FPT were among the losers.
Blue chips, however, led
the market in terms of trading volume, including STB with orders for
3.75 million shares matched, followed by Phu My Fertilisers (DPM) with
2.68 million shares, and Saigon Securities Inc (SSI) with about two
million units.
Liquidity remained
positive, with trading volume reaching 26.27 million shares and traded
fund certificates totalling more than VND870 billion (US$52.7 million).
Foreign investors were also active, buying 8.55 million shares, and selling nearly 2 million units.
Hoang Dinh Ke, in charge of
EuroCapital Securities' Business Department, said the market had been
rising for some time, with the prices of some blue chips increasing by
as much as 40 per cent since mid-June, when the market began to rebound.
Investors were selling yesterday to concretise their expected profits, which led to the market adjustment, he said.
"The move is reasonable
after days of increases," said Huy Nam, a securities expert. "A good
and sustainable market must see both ups and downs."
Ly Lam Duy, director of Sao
Viet Securities' Analysis Department, said the last two weeks had been
the most positive since the beginning of the year. "The market may make
some adjustments in a downward direction this week, but the upward
trend is proving, strong," said Duy.
Prior to yesterday's fall,
the VN-Index had seen 10 straight days of rises. FPT Securities said
late last week that this week could see further upward movement in the
index thanks to positive signs from the Government to curb inflation as
well as stabilisation in the general market.
Ke said investors should
remain cautious in the face of world oil prices that were hovering
around $145 a barrel. He added that the local credit market was still
seeing difficulties and that companies' second-quarter turnovers and
profits could fall significantly.
"As the market adjusts,
downwards, there could be a withdrawal from the market if investors
receive more negative news," he said, adding that investors should
balance amounts for reservation and amounts for securities investment
at a rate of 40/60.
On the Ha Noi Securities
Trading Centre, the HASTC-Index slid 0.77 points or 0.61 per cent to
124.78. Trading volume reached 17.22 million shares, with a total
revenue of VND424.16 billion ($25.7 million).
The HCM City Stock Exchange saw 129 losers and only 18 gainers.
Major stocks, including Hau
Giang Pharmaceutical Joint Stock Co (DHG), Vinamilk (VNM),
Refrigeration Electrical Engineering Corp (REE), Sacombank (STB) and
FPT were among the losers.
Blue chips, however, led
the market in terms of trading volume, including STB with orders for
3.75 million shares matched, followed by Phu My Fertilisers (DPM) with
2.68 million shares, and Saigon Securities Inc (SSI) with about two
million units.
Liquidity remained
positive, with trading volume reaching 26.27 million shares and traded
fund certificates totalling more than VND870 billion (US$52.7 million).
Foreign investors were also active, buying 8.55 million shares, and selling nearly 2 million units.
Hoang Dinh Ke, in charge of
EuroCapital Securities' Business Department, said the market had been
rising for some time, with the prices of some blue chips increasing by
as much as 40 per cent since mid-June, when the market began to rebound.
Investors were selling yesterday to concretise their expected profits, which led to the market adjustment, he said.
"The move is reasonable
after days of increases," said Huy Nam, a securities expert. "A good
and sustainable market must see both ups and downs."
Ly Lam Duy, director of Sao
Viet Securities' Analysis Department, said the last two weeks had been
the most positive since the beginning of the year. "The market may make
some adjustments in a downward direction this week, but the upward
trend is proving, strong," said Duy.
Prior to yesterday's fall,
the VN-Index had seen 10 straight days of rises. FPT Securities said
late last week that this week could see further upward movement in the
index thanks to positive signs from the Government to curb inflation as
well as stabilisation in the general market.
Ke said investors should
remain cautious in the face of world oil prices that were hovering
around $145 a barrel. He added that the local credit market was still
seeing difficulties and that companies' second-quarter turnovers and
profits could fall significantly.
"As the market adjusts,
downwards, there could be a withdrawal from the market if investors
receive more negative news," he said, adding that investors should
balance amounts for reservation and amounts for securities investment
at a rate of 40/60.
On the Ha Noi Securities
Trading Centre, the HASTC-Index slid 0.77 points or 0.61 per cent to
124.78. Trading volume reached 17.22 million shares, with a total
revenue of VND424.16 billion ($25.7 million).