boiman
23-06-2009, 02:59 PM
Accelerated profit-taking and returned investor caution put the brakes on share prices on the HCM City Stock Exchange, causing the VN-Index to experience its first declining week following three straight months of increases.
The Index lost 34.37 points overall to end the week at 475.22, a fall of 13.6 per cent over the previous Friday’s close.
Trading volumes remained significant, averaging at 58.1 million shares per day, but down 13 per cent over the previous week’s average. Daily turnover averaged at VND2.2 trillion (US$123.6 million), a decline of 12 per cent.
In Ha Noi, the HASTC-Index followed suit, closing at 167.86 on Friday after losing 15.06 points – or 8.23 per cent – during the course of the week. The average daily volume fell by 29 per cent to 29.9 million shares per day, while daily revenues averaged about VND1.1 trillion ($61.8 million), down 31 per cent.
Tourism and entertainment shares saw the sharpest drop during the past week, according to FPT (http://www.vietstock.com.vn/vstfinance/StockDetail.aspx?scode=FPT&q=FPT) Securities Co data, plunging 16.6 per cent, followed by retail goods, down 13.26 per cent; and telecommunications shares, off 10.46 per cent.
After three consecutive months of increases sent prices soaring, accelerated profit-taking sent the indices back down this week, said Tran Duy Ngoc of the FPT (http://www.vietstock.com.vn/vstfinance/StockDetail.aspx?scode=FPT&q=FPT) Securities brokerage department. Global stock markets also slowed and foreign investors generated greater net sales, further contributing to market developments.
Foreign investors showed only modest activity last week, responsible for the trade of only 26.1 million shares. They finished the week as net sellers of 6.2 million shares, with a net value of nearly VND180 billion ($10.1 million).
Recent news about organisations, listed companies and inside shareholders selling off shares also significantly affected market moves, said Ngoc. For instance, Dragon Capital registered to sell 5.3 million shares of Refrigeration Electrical Engineering Corp ([url="http://www.vietstock.com.vn/vstfinance/StockDetail.aspx?scode=REE&q=REE" target=_blank>REE), and Sai Gon General Service Corp (BMI) and Viet Nam National Reinsurance (
The Index lost 34.37 points overall to end the week at 475.22, a fall of 13.6 per cent over the previous Friday’s close.
Trading volumes remained significant, averaging at 58.1 million shares per day, but down 13 per cent over the previous week’s average. Daily turnover averaged at VND2.2 trillion (US$123.6 million), a decline of 12 per cent.
In Ha Noi, the HASTC-Index followed suit, closing at 167.86 on Friday after losing 15.06 points – or 8.23 per cent – during the course of the week. The average daily volume fell by 29 per cent to 29.9 million shares per day, while daily revenues averaged about VND1.1 trillion ($61.8 million), down 31 per cent.
Tourism and entertainment shares saw the sharpest drop during the past week, according to FPT (http://www.vietstock.com.vn/vstfinance/StockDetail.aspx?scode=FPT&q=FPT) Securities Co data, plunging 16.6 per cent, followed by retail goods, down 13.26 per cent; and telecommunications shares, off 10.46 per cent.
After three consecutive months of increases sent prices soaring, accelerated profit-taking sent the indices back down this week, said Tran Duy Ngoc of the FPT (http://www.vietstock.com.vn/vstfinance/StockDetail.aspx?scode=FPT&q=FPT) Securities brokerage department. Global stock markets also slowed and foreign investors generated greater net sales, further contributing to market developments.
Foreign investors showed only modest activity last week, responsible for the trade of only 26.1 million shares. They finished the week as net sellers of 6.2 million shares, with a net value of nearly VND180 billion ($10.1 million).
Recent news about organisations, listed companies and inside shareholders selling off shares also significantly affected market moves, said Ngoc. For instance, Dragon Capital registered to sell 5.3 million shares of Refrigeration Electrical Engineering Corp ([url="http://www.vietstock.com.vn/vstfinance/StockDetail.aspx?scode=REE&q=REE" target=_blank>REE), and Sai Gon General Service Corp (BMI) and Viet Nam National Reinsurance (