Shares plunge on active trades
The volume of trades on the nation's stock markets picked up yesterday, but benchmark indices closed down on both exchanges.
The volume of trades on the nation's stock markets picked up yesterday, but benchmark indices closed down on both exchanges.
On the HCM City Stock Exchange, the VN-Index slid 1.3 per cent from Friday's close to end yesterday's session at 445.83 points. But volume increased by nearly 39 per cent over Friday's level to 49.45 million shares, with a value of almost VND1.19 trillion (US$61 million).
Ocean Group (OGC), which operates in the fields of banking and real estate development, continued to be the most-active share, with over two million traded. OGC closed off 4.74 per cent to VND30,100 ($1.54).
Of the 10 leading shares by capitalisation, only three – Bao Viet Holdings (BVH), Hoang Anh Gia Lai (HAG) and Hoa Phat Group (HPG) – posted gains. Overall, decliners outnumbered advancers by an overwhelming 219-18.
"There was no bad news that could have caused a steep decline in the market, but investors are desperate for more positive information," said Vo Huu Tuan, general director of Bao Viet Securities Co's HCM City branch.
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| Investors watch shares go south on a trading board in the offices of Saigon Securities Inc. — VNS Photo Viet Thanh |
Shares declined in value across the board, with losers outnumbering gainers by 279-19, with all of the 10 leading shares by capitalisation declining in value.
PetroVietnam Construction (PVX) continued to be the most-active share nationwide, with 5.3 million exchanged, but PVX declined by nearly 4 per cent yesterday to close at VND22,000 ($1.13) per share.
Viet Nam International Securities Co analysts said investors were not only worried about the state of the economy but also disturbed by the oversupply of new shares expected to continue rising through the end of the year.
The number of new shares issued in the third quarter was nearly on par with those issued in the first half of this year, the State Securities Commission has reported. The value of shares made through public offers reached more than VND34.6 trillion ($1.77 billion).
Foreign investors continued as net buyers on both exchanges yesterday, picking up over 4.8 million shares, worth a combined VND162 billion ($8.3 million).