phuocpham
12-01-2010, 10:50 PM
The HCM City Stock Exchange suffered another gloomy day of trading on Monday with the VN-Index down 1.12 percent, to close at 515.06 points.
The value of the day’s trades fell by 47.66 percent to VND2.02 trillion (US$109.2 million), on a volume of 43.86 million shares. Shares in Sacombank (STB) continued to be the most active with 2.8 million traded.
On the Ha Noi Stock Exchange, the HNX-Index dropped 1.52 percent to end Monday’s session at 177.03. Market value on the northern bourse totalled VND913.6 billion ($49.4 million), on a volume of 24.66 million shares.
Kim Long Securities (KLS) was the most active share, responsible for 2.9 million trades.
Huge profit-taking last Friday seemed to satisfy most investors with leveraged capital, as sell-off began slowing down yesterday, said Nguyen Duy Tan, a Ha Noi broker. "However, investors are cautious, reflected by demand being eased."
"The resistance zone will be between 485 and 505 points when groups of stocks fall enough," Tan said, noting that corporate results, which are due to be released from this week, would affect market movement.
Agreeing with Tan, Ngo Van Minh of Sai Gon-Ha Noi Fund Management said that it might be a short-term correction. "Investors could hold back the sell-off to hear for corporate results, which will assist the market moves."
Tan suggested that investors should buy now, with a recommended focus on cement, electricity and transportation stocks.
Foreign investors on Friday bought a volume of 890,000 shares between both stock exchanges, with a total value of VND32 billion ($1.7 million).
The value of the day’s trades fell by 47.66 percent to VND2.02 trillion (US$109.2 million), on a volume of 43.86 million shares. Shares in Sacombank (STB) continued to be the most active with 2.8 million traded.
On the Ha Noi Stock Exchange, the HNX-Index dropped 1.52 percent to end Monday’s session at 177.03. Market value on the northern bourse totalled VND913.6 billion ($49.4 million), on a volume of 24.66 million shares.
Kim Long Securities (KLS) was the most active share, responsible for 2.9 million trades.
Huge profit-taking last Friday seemed to satisfy most investors with leveraged capital, as sell-off began slowing down yesterday, said Nguyen Duy Tan, a Ha Noi broker. "However, investors are cautious, reflected by demand being eased."
"The resistance zone will be between 485 and 505 points when groups of stocks fall enough," Tan said, noting that corporate results, which are due to be released from this week, would affect market movement.
Agreeing with Tan, Ngo Van Minh of Sai Gon-Ha Noi Fund Management said that it might be a short-term correction. "Investors could hold back the sell-off to hear for corporate results, which will assist the market moves."
Tan suggested that investors should buy now, with a recommended focus on cement, electricity and transportation stocks.
Foreign investors on Friday bought a volume of 890,000 shares between both stock exchanges, with a total value of VND32 billion ($1.7 million).