Shares slide on sour earnings
Shares slide on sour earnings
Shares extended their losing streak July 23 on the HCM City Stock Exchange, as about 20 listed enterprises reported losses in the second quarter of this year.
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| Source: VietstockFinance |
Unprofitable securities firms still accounted for a large proportion of these companies, with six brokerages posting losses, including Trang An Securities (TAS), Sai Gon-Ha Noi Securities (SHS), Sao Viet Securities (SVS), Phu Hung Securities (PHS), Kim Long Securities (KLS) and Phuong Dong Securities (ORS).
The VN-Index fell by 0.6 per cent to 421.99 points as losers overwhelmed gainers by 169-70. The value of trades dropped 26 per cent from last Friday's figure to VND783.5 billion (US$37.3 million) on a volume of nearly 50.7 million shares.
Four major blue chips bucked the downward trend, with HCM City Infrastructure Investment Co (CII), Phu My Fertilisers (DPM), steelmaker Hoa Phat (HPG) and Sacombank (STB) all gaining 0.9-3.1 per cent on the day. Together, however, they failed to lift the VN30 Index, which tumbled by 0.3 per cent to close at 495.86 points.
The exchange yesterday started to revise the basket of 30 shares tracked by the VN30. Da Nang Rubber Co (DRC), steelmaker Hoa Sen Group (HSG), Military Bank (MBB) and property developer Tu Liem Urban Development Co (NTL) replaced food processor Hung Vuong (HVG) and property developers Quoc Cuong Gia Lai (QCG), Khang Dien House (KDH) and Sudico (SJS) in the index calcuation.
None of these new shares advanced yesterday.
In the first six months of the year, shares in the VN30 had an average market capitalisation of around VND476 billion ($22.6 million) per day, accounting for 72 per cent of the entire market, the State Securities Commission said yesterday. They accounted for average trading value of nearly VND86.2 billion ($4 million) daily, or 62 per cent of the market.
After the revisions to the VN30 Index, the index focuses on three major sectors, the commission said. "They are finance, 10 companies; manufacturing and processing, 7 companies; and real estate, 5 companies."
On the Ha Noi Stock Exchange, the HNX-Index lost 1 per cent to stand at just 71.46 points. Meagre trades on the Ha Noi bourse totalled only VND509 billion ($24.2 million), 16 per cent below the previous session. The volume of trades dropped 32 per cent to just 43.6 million shares.
The HNX30, tracking the capital city's leading shares in terms of capitalisation and liquidity, fell 0.94 per cent to 137.37 points.
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