Shares slump despite inflation data
Shares slump despite inflation data
Investors reacted negatively to the news of a modest increase in CPI (consumer price index) this month as shares fell on both national stock exchanges.
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| Source: VietstockFinance |
The CPI in October rose just 0.85 per cent against the previous month, down significantly from a high of 2.2 per cent in September, the General Statistics Office announced October 24.
"Investors remained prudent when it came to low-priced shares as they still sought a stronger foundation in this risky market," analysts of FPT Securities Co commented in a report, adding that if corporate earnings were not solid enough, the market's continued sideways movement or even a decline were expected.
On the HCM City Stock Exchange, the benchmark VN-Index went down 0.57 per cent to close yesterday's session at 395.45 points.
Trading continued to be sluggish with just 34.2 million shares, worth VND490 billion (US$23.3 million), changing hands.
Blue chips tumbled as just three of the top 30 shares by market capitalisation and liquidity posted gains while others declined or closed flat, pushing the VN30 down 0.68 per cent to 466.62 points.
Gainers included sugar maker Societe De Bourbon Tay Ninh (SBT), Vinh Son - Song Hinh Hydropower (VSH) and financial firm Ocean Group (OGC) with rises of more than 1 per cent.
Tan Tao Investment Industry (ITA) reclaimed its position of the most active code in the afternoon with over 2 million shares changing hands, but they closed flat at VND4,300 a share.
Bac Giang Exploitable Mineral Co (BGM) was the second most active with trades of 1.64 million shares changing hands, but the shares plunged to their floor price yesterday after 11 consecutive sessions of hitting the ceiling given the company's losses in the third quarter. BGM closed at VND3,800 a share.
On the Ha Noi Stock Exchange, the HNX-Index recovered in the afternoon session but still lost 0.57 per cent by the end of the day, closing at 54.25 points with a poor trading value of VND118 billion ($5.6 million).
Developer Sacomreal (SCR) was the most active code on the northern bourse with 2 million shares exchanged, going down 1.64 per cent to VND5,900 a share.
Foreign investors continued to pick up shares on the two national stock exchanges, responsible for a net buy of VND18 billion ($857,000) worth of shares.
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