Bank scandal flattens market
Bank scandal flattens market
Shares failed to rally on the nation's stock exchanges November 6, 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.
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| Source: VietstockFinance |
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).
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