boiman
30-06-2009, 05:53 PM
The nation’s two stock exchanges fell for the second straight week last week, as investors were peppered with bad news from overseas markets.
Over the course of the past week, the VN-Index fell from 475.22 to 461.37, a cumulative loss of 2.91 per cent. Daily trading volumes averaged 42 million shares, a decline of 27.7 per cent from the previous week, while daily values reached just VND1.5 trillion (US$84.3 million), 28.6 per cent lower than the previous week.
At the newly-redesignated Ha Noi Stock Exchange, meanwhile, the HNX-Index dropped 7.22 per cent from the previous Friday’s 167.66 points to end last week at 155.74. Average daily volume was 20.5 million shares, a fall of 31.4 per cent from previous week, while daily market value dropped off 34.7 per cent to VND682.7 billion ($38.4 million).
Some high-profile new listings failed to ignite investor interest. On Thursday, the holding company of insurance giant Bao Viet, Bao Viet Holdings (BVH), debuted on the HCM City bourse, posting gains on news that foreign strategic partner HSBC Insurance might increase its stake in Bao Viet, but generating only modest volumes.
Meanhwile, the Ha Noi Stock Exchange welcomed Sai Gon-Ha Noi Securities Co, the fourth securities firm to list on the northern market.
Petroleum industry shares managed the greatest gains, picking up an average of 3.92 per cent, according to FPT (http://www.vietstock.com.vn/vstfinance/StockDetail.aspx?scode=FPT&q=FPT) Securities Co, while automotive shares suffered the biggest decline, dropping 16.27 per cent in value on news of dismal June sales, followed by shares in the insurance sector, down 14.72 per cent.
Less-than-positive news from the US market and some high-profile share sales by some inside shareholders in some major firms generally put domestic investors off the market last week, said FPT (http://www.vietstock.com.vn/vstfinance/StockDetail.aspx?scode=FPT&q=FPT) Securities analyst Nguyen Binh Duong, in a weekly report.
But, he said, the upcoming listings of some other major firms "were nourishing investors with hopes of further market development, along with the positive business performance from listed firms."
In contrast to the skittishness of domestic investors, foreign investors became net buyers on both exchanges last week of a net volume of 4.2 million shares.
Property trader Hoang Anh Gia Lai ([url="http://www.vietstock.com.vn/vstfinance/StockDetail.aspx?scode=HAG&q=HAG" target=_blank>HAG), freight forwarder Gemadept (GMD) and Pha Lai Thermal Power (PPC) were amongst the most favoured stocks of this sector on the HCM City market, while Kinh Bac Urban Development (KBC), PetroVietnam Insurance (PVI) and Tien Phong Plastics (
Over the course of the past week, the VN-Index fell from 475.22 to 461.37, a cumulative loss of 2.91 per cent. Daily trading volumes averaged 42 million shares, a decline of 27.7 per cent from the previous week, while daily values reached just VND1.5 trillion (US$84.3 million), 28.6 per cent lower than the previous week.
At the newly-redesignated Ha Noi Stock Exchange, meanwhile, the HNX-Index dropped 7.22 per cent from the previous Friday’s 167.66 points to end last week at 155.74. Average daily volume was 20.5 million shares, a fall of 31.4 per cent from previous week, while daily market value dropped off 34.7 per cent to VND682.7 billion ($38.4 million).
Some high-profile new listings failed to ignite investor interest. On Thursday, the holding company of insurance giant Bao Viet, Bao Viet Holdings (BVH), debuted on the HCM City bourse, posting gains on news that foreign strategic partner HSBC Insurance might increase its stake in Bao Viet, but generating only modest volumes.
Meanhwile, the Ha Noi Stock Exchange welcomed Sai Gon-Ha Noi Securities Co, the fourth securities firm to list on the northern market.
Petroleum industry shares managed the greatest gains, picking up an average of 3.92 per cent, according to FPT (http://www.vietstock.com.vn/vstfinance/StockDetail.aspx?scode=FPT&q=FPT) Securities Co, while automotive shares suffered the biggest decline, dropping 16.27 per cent in value on news of dismal June sales, followed by shares in the insurance sector, down 14.72 per cent.
Less-than-positive news from the US market and some high-profile share sales by some inside shareholders in some major firms generally put domestic investors off the market last week, said FPT (http://www.vietstock.com.vn/vstfinance/StockDetail.aspx?scode=FPT&q=FPT) Securities analyst Nguyen Binh Duong, in a weekly report.
But, he said, the upcoming listings of some other major firms "were nourishing investors with hopes of further market development, along with the positive business performance from listed firms."
In contrast to the skittishness of domestic investors, foreign investors became net buyers on both exchanges last week of a net volume of 4.2 million shares.
Property trader Hoang Anh Gia Lai ([url="http://www.vietstock.com.vn/vstfinance/StockDetail.aspx?scode=HAG&q=HAG" target=_blank>HAG), freight forwarder Gemadept (GMD) and Pha Lai Thermal Power (PPC) were amongst the most favoured stocks of this sector on the HCM City market, while Kinh Bac Urban Development (KBC), PetroVietnam Insurance (PVI) and Tien Phong Plastics (