Shares lose value as blue chips tumble (6/11/12)

[xiuchic]

Shares did not rally this morning, presumably because no one has explained why Sacombank's (STB) chairman Dang Van Thanh resigned.

Thanh also wanted to resign as member of the board, but the final decision will be made after the bank's next meeting.

On the HCM City Stock Exchange, the VN-Index lost 0.43 per cent to reach 375.65 points. Trading value this morning was about 70 per cent of yesterday's entire session, or VND260.6 billion (US$12.4 million), as 19.9 million shares changed hands.

Blue chips continued to decline. Property developer Tan Tao bottomed out, while shares of real estate and entertainment services investor Vingroup (VIC), Vietcombank (VCB), Vietinbank (CTG) and insurer Bao Viet (BVH) retreated 1-1.9 per cent.

Among the 30 leading shares tracked by the VN30, only Military Bank (MBB), Vinh Son-Song Hinh Hydropower (VSH), Da Nang Rubber (DRC), Gemadept Logistic (GMD) and Hoa Sen Steel (HSG) managed to add value.

The VN30 fell 0.4 per cent to 444.79 points. The benchmark HNX-Index on the Ha Noi Stock Exchange also dropped 0.67 per cent, reaching only 50.41 points.
Market value and volume fetched VND112.2 billion ($5.3 million) and 19 million shares, respectively.

Blue chips in the capital city lost steeper, dragging the HNX30 down 0.97 per cent to 90.52 points.

Trading will resume at 1 pm

[xiuchic]

Shares failed to rally on the nation's stock exchanges yesterday, with leading indices closing essentially unchanged as investors remained uncertain about the circumstances surrounding last week's resignation by former Sacombank chairman Dang Van Thanh.

Rumours about the scandal have fanned market concerns about the stability of the banking system.

Reflecting those concerns, Eximbank (EIB) also saw heavy trades yesterday, with 21.3 million shares worth VND326 billion (US$15.5 million) sold through the negotiation method. Trades of the bank's shares through negotiation have climbed to more than 130 million units overall in the past months– around 10 per cent of its listed shares.

Despite its low liquidity, Navibank (NVB) has also recently witnessed some extraordinary trading sessions.

On the HCM City Stock Exchange yesterday, the VN-Index closed off by just 0.08 per cent to 376.95 points. However, the value of trades jumped 71 per cent over the previous day to VND635.3 billion ($30.2 million), on a volume of 46.2 million shares.

The VN30 Index edged up by 0.03 per cent to 446.63 points, with only nine of the HCM City bourse's 30 leading stocks in terms of liquidity and capitalisation closing in positive territory.
On the Ha Noi Stock Exchange, meanwhile, the HNX-Index declined for the 10th session in a row, closing down by 0.18 per cent to a mere 50.66 points. The value of trades continued meagre at VND155.16 billion ($7.3 million), while volume reached just 26.4 million shares.
Blue chips on the northern bourse also edged off, dragging the HNX30 down by 0.32 per cent to 91.12 points.

Bao Viet Securities Co analyst Nguyen Xuan Binh said speculative capital was showing signs of abandoning the market, while analysts for financial information website vietstock.vn suggested that any rally was currently unsustainable.

However, foreign investors continued to show mild interest in the market, finishing yesterday as net buyers on both bourses by a combined margin of VND5 billion ($238,000).