Stocks extend losses (28/11/12)

[xiuchic]

Shares kept falling on the two national stock exchanges this morning due to investor pessimism.

The benchmark VN-Index on the HCM City exchange declined by another 0.59 per cent to 374.66 points, extending its losing streak to six consecutive sessions.
Blue chips' slumps led the market fall again when the VN30 tracking the top 30 shares lost another 0.8 per cent to stand at 440.13 points.

The value of trades improved over yesterday, reaching VND330.8 billion (US$15.8 million).

Wood processor Duc Long Gia Lai Group (DLG) temporarily became the most active share on the southern bourse with nearly 700,000 shares traded, closely followed by Saigon Securities Inc (SSI) with over 638,000 shares changing hands.

DLG decreased 2.78 per cent to VND3,500 a share while SSI closed unchanged at VND14,200 a share.

On the Hanoi Stock Exchange, the HNX-Index also dropped 0.35 per cent to close this morning's session at 50.78 points with a low trading value of VND59.3 billion ($2.8 million).

Sai Gon-Ha Noi Bank (SHB) was again the most active code on trades of 1 million shares, closing flat at VND4,800 a share.

Trading will resume at 1pm.

[xiuchic]

Shares fell further on the HCM City Stock Exchange as investors sought solace from the lacklustre market by continuing to sell.

The benchmark VN-Index declined by another 0.29 per cent to close yesterday's session at 375.79 points, extending its losing streak to six consecutive sessions.

Blue chips extended their slump with a 0.49 per cent decrease on the VN30 Index to close at 441.49 points.

At VND591.6 billion (US$28.3 million), the value of trades was nearly double yesterday's level but this brought little respite for share prices.

Trading did not focus on a specific group of stocks but was scattered across many codes, causing no shares to experience trades of more than 1 million stocks.

Wood processor Duc Long Gia Lai Group (DLG) and Saigon Securities Inc (SSI) were the most active shares on the southern bourse yesterday, with more than 700,000 shares traded on each code.

While DLG decreased 2.78 per cent to close at VND3,500 a share, SSI gave up 0.7 per cent to finish at VND14,100.

On the Ha Noi Stock Exchange, the HNX-Index scraped to a positive in the dieing minutes to conclude at 51 points, up just 0.08 per cent on Tuesday's level.

Trading improved with more than 19.5 million shares, worth VND123.6 billion ($5.9 million), changing hands, up 30 per cent on Tuesday's value.

Sai Gon-Ha Noi Bank (SHB) was still the most active code with trades of 1.89 million shares, while SHC closed flat at VND4,800 a share.

"Never in its history has the stock market experienced such a long-term decline," said Nguyen Huu Viet, head of the Research and Department under International Royal Securities Co.

Stock indices fell for the seventh consecutive month with sluggish trading showing demand and supply remains weak.

Viet added: "Although the fall of each session is modest, the relentless declines erode investor confidence."

According to Viet, investors now are immune to macro economic information and in need of a stronger psychological incentive to become active again. He said authorities should give out more supportive messages to "keep the fire burning" for the stock market.