Indices resistance stalls markets

Dec 21st at 13:09

21-12-2012 13:09:53+07:00

Shares gained in value in HCM City but lost ground in Ha Noi December 20.


Source: VietstockFiance

Closing the session, the VN-Index advanced 0.27 per cent to 399.68 points. FPT Securities Co analysts predicted it could not exceed the benchmark level of 400 points and would slightly decline.

The value of trades on the HCM City Stock Exchange totalled VND1.13 trillion (US$53.8 million), jumping 20.3 per cent from Wednesday's level. Trading volume also increased to nearly 83 million shares.

The VN30, composed of the southern bourse's 30 leading shares in terms of capitalisation and liquidity, edged up 0.26 per cent to 468.32 points, although losers overwhelmed gainers by 19-9.

Among the rising stocks, insurer Bao Viet (BVH), Vietinbank (CTG), food processor Masan (MSN) and construction firm Becamex (IJC) reached their ceiling prices.

Since an exchange-traded fund stopped investing in CTG last week, the share stayed in the black with over 11.5 million shares changing hands.

Meanwhile, on the H Noi Stock Exchange, the HNX-Index failed to follow Wednesday's rally, tumbling 1.1 per cent to 54.32 points as losers outnumbered gainers by 130-73.

Although liquidity remained positive, the index was pulled down by increasing pressure to sell.

Market value and volume fetched VND422.8 billion ($20 million) and 70.8 million shares, respectively.

The HNX30, tracking the performance of H Noi's top shares, also retreated 2.12 per cent to reach 101.19 points.

The movements in both markets showed that indices were facing challenges, said FPT Securities Co analysts.

Today is the deadline for investment funds to restructure their portfolios.

"As the funds finish their revision, shares will not be as actively traded as in recent days," the analysts noted. "Investors can stop buying at these resistances."

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