Investors follow stock quotations at a securities fi rm. The VN-Index fell 5.51 points, or 1.38%, against the day earlier to close at 393.41 on Thursday - Photo: Minh Khue
As many large caps tumbled on strong selling, the local market saw a steeper decline for a second day on Thursday, sending the VN-Index down 5.51 points, or 1.38%, against the day earlier at 393.41.
Stocks opened several points lower but moved up a few points to hit the daily high of 398.77 points. They then fell back and closed just above opening levels at the end of the morning session. In the afternoon, stocks further lost before the index closed at the daily lows.
On the Hochiminh Stock Exchange, volume rose 12.8% against the previous session to 33.4 million shares while value slumped 29% to VND541 billion. The put-through session remained active with large transactions seen in STB and SVN.
Only 70 stocks advanced while 180 tickers posted losses, of which 18 went up to the ceiling prices and 56 others dropped to the floor prices. In terms of the VN-Index, VIC, SBT, and DPR made the biggest positive contribution while GAS, VNM, BVH and DPM were the biggest drags.
Eximbank (EIB) was the most actively traded stock but lost 2.5% at VND15,400 per share on the volume of 1.3 million shares, followed by Tan Tao Investment Industry Corporation (ITA), which dropped 1.7% to VND5,700 with over one million shares traded.
Foreign investors maintained their interest but slowed down a bit compared to Wednesday with a VND35.8-billion net buying value. They accounted for 16.7% and 9.9% of the market?s buying and selling value respectively.
The Hanoi market also declined with turnover down to VND217 billion. The HNX-Index fell 0.6 point, or 0.98%, against the previous session and ended the day at 60.32.
Decliners outnumbered advancers by 130 to 52, with 16 stocks hitting the ceiling prices and 45 others dropping to the floor prices. Foreigners accounted for 2.9% of the buying value and 0.7% of the selling value.
HCMC Securities Corp. said the markets? jitters extended for a second day with concern that the police?s arrest on Wednesday of the former chairman of Vinalines, Duong Chi Dung, might herald further similar actions in coming weeks. Hence, uncertainty had returned after a brief hiatus and this led to a gradual sell-off of stocks across the board.
Viet Capital Securities Co. (VCSC) noticed that strong selling pressure appeared in the afternoon session as both indices showed signs of breaking the support zones at 395 points of the VN-Index and 60 points of the HNX-Index. According to momentum indicator pattern, short-term risk increases while there is no sign of reversal to support for short-term uptrend.
?We keep our view of the market?s moving sideways in the short term as investors? sentiment seems not to allow the indices to break above the next resistances yet but bottom-fishing greed and T+3 have also worked well to fend off the downside risk,? VCSC added.
The Saigon Times Daily
Source: http://www.saigonmoney.com/2012/09/09/stocks-extend-losses-for-second-day/
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