Markets continue losing streak
Markets continue losing streak
Stocks continued to extend their losing streak November 23 on the two national exchanges, raising concerns over a prolonged downtrend.
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| Source: VietstockFinance |
On the HCM City Stock Exchange, the benchmark VN-Index lost another 0.39 per cent to conclude yesterday's session at 381.71 points with trading value totalling just VND336.5 billion (US$16.1 million), one of the lowest levels since the beginning of this year.
"Market performance was weak as investors were losing almost all of their confidence in the market. Trading value eroded as the long losing run persisted," according to stock analysts at FPT Securities Co.
Support of blue-chips had weakened day after day as momentum to lift the market remained absent, they wrote in yesterday's report.
Half of the top 30 shares on the bourse shed value while only six advanced, pushing the VN30 down 0.56 per cent to stand at 449.73.
Real estate company Tan Tao Investment Industry (ITA) was still the most active code by the end of yesterday's session with 1.2 million shares traded, closing flat at VND3,900 a share.
On the Ha Noi Stock Exchange, the HNX-Index also gave up 0.68 per cent to finish the session at 51.23 points on a very low value of just VND125 billion ($6 million).
The most active share on the northern bourse yesterday was another property developer, Sacomreal (SCR), on total trades of 3.37 million shares, but SCR closed off 2.33 per cent at VND4,200 each.
"The bleak market will likely continue with sluggish liquidity. With such low liquidity, stocks rising during one or two sessions don't have much meaning for investors," analysts of BIDV Securities Co wrote in a report.
The psychology of most investors was to wait for more information, therefore without positive news, the patience of sellers would likely be tested in the coming sessions and the market could plunge further, they said.
Foreign investors turned out to be net buyers on both bourses yesterday after a net selling session on Thursday. They picked up a combined VND7.38 billion ($354,000) worth of shares on both exchanges.
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