Trading remains sluggish (18/9/12)

[xiuchic]

Shares continued to rise on the HCM City Stock Exchange this morning. However, the rally was modest.

The benchmark VN-Index ended flat, inching up only 0.04 per cent to 401.90 points. Market sentiment was quite bleak, with 50 gainers, 55 losers and 149 listed stocks closing unchanged.

The increase of the index was mainly thanks to insurer Bao Viet (BVH) – which continued to close at ceiling price – and Sacombank (STB), which rose 2.4 per cent.

Meanwhile, most blue chips dropped value with roughly two thirds of the 30 leading shares tracked by the VN30 falling. The VN30, however, still added 0.14 per cent to make 468.98 points.

The overall value of trades reached VND245.4 billion (US$11.6 million) on a volume of 17.5 million shares.

On the Ha Noi Stock Exchange, shares tumbled for the second day in a row. The HNX-Index retreated more than 1 per cent to 58.06 points, as decliners outnumbered advancers by 130-34.

Only 12.3 million shares worth a meagre VND86.16 billion ($4.1 million) changed hands. This was the lowest level of morning trades since trading was extended to the afternoon.

The HNX30, tracking the bourse's top shares, also slid 1.3 per cent to 108.05 points.

The two exchanges will re-open at 1 pm.

[xiuchic]

Shares failed to continue a rally on the HCM City Stock Exchange yesterday due to modest trading.

By the end of the afternoon session, the benchmark VN-Index lost 1.8 per cent, falling to 394.51 points after ending flat during yesterday morning. Market sentiment was bleak, with just 54 gainers, 37 losers and 196 listed stocks closing unchanged.

Most blue ps dropped in value. The rally of a few large-cap stocks failed to push up the VN30 – tracking the city's 30 leading shares. Only Phu Nhuan Jewelry (PNJ), Sacombank (STB) and property developer Vingroup (VIC) edged up by between 0.3-2.4 per cent. The VN30 finished yesterday's session down 1.7 per cent to 460.44 points.

During the previous two sessions, investors eyed shares in insurer Bao Viet ldings (BVH) following a boost from foreign investors. wever, news emerged yesterday that among the seven blue ps csen by US exchange-trade fund iShares, only BVH shares were not bought. This led to the stock falling by 0.7 per cent towards the end of yesterday's session despite closing the morning session at the ceiling price.

The overall value of trades, wever, increased slightly to VND623.3 billion (US$29.6 million) on profit-taking. Meanwhile, trading volume reached 41.8 million shares.

"As there was no supportive information, market resistance continued and could not sustain a rally," FPT Securities Co analysts wrote on the company's website. Meanwhile, September's consumer price index for the capital city of Ha Noi was predicted to increase by 2.47 per cent – a relatively high level – compared to August.

During the first nine months of this year, the price index has climbed by an estimated 9.24 per cent over the same period last year. This increase in prices will be a great challenge in ensuring the Government's target of a single digit inflation rate for the year.

On the Ha Noi Stock Exchange, shares tumbled for the second day in a row. The HNX-Index retreated nearly 3.8 per cent to 56.48 points, as decliners outnumbered advancers by 192-43.
Around 32.8 million shares worth VND240.67 billion ($11.4 million) changed hands, up 39.7 per cent in terms of value compared to Monday's level.

The HNX30, tracking the bourse's top shares, also slid 4.3 per cent to 104.81 points.
Asia Commercial Bank (ACB), the most influential stock to the HNX30, plunged to its floor price yesterday after reports that tycoon Nguyen Duc Kien, w is linked to the bank, was arrested for financial fraud. Domestic media reported yesterday that investigations revealed Kien had two accomplices in the fraud, the director and ef accountant of Kien's company – ACB Ha Noi Investment Co.