Correction checks VN-Index

Jan 15th at 12:57

15-01-2013 12:57:36+07:00

Shares failed to add value on the HCM City Stock Exchange January 14 with the benchmark VN-Index losing 0.8 per cent to close at 458.97 points, following securities analysts' predictions of a correction.


Source: VietstockFinance

Trading value dropped 21.7 per cent compared to last Friday's session to VND986.6 billion (US$46.9 million) as trading volume fetched more than 69.5 million shares.

Most blue chips tumbled. Insurer Bao Viet Holdings (BVH) bottomed out.

Meanwhile, only five of the 30 leading stocks tracked by the VN30 managed to grow. Notably, three of these hit their ceiling prices. They were property developer Tan Tao (ITA), commercial baker Kinh Do (KDC) and PetroVietnam Finance Corp (PVF).

ITA and shares of Tu Lien Urban Development Co (NTL) would be excluded from the VN30 Index from January 21 in the index's first revision this year, the HCM City Stock Exchange said yesterday. After the news was announced, NTL ended the session down 1.8 per cent.

PetroVietnam Gas (GAS), which debuted in May last year with almost 1.9 billion shares and quickly became one of the largest shares in capitalisation, was expected to be chosen in this review.

However, the exchange picked rubber processor Casumina (CSM) and PetroVietnam Low Pressure Gas Distribution Co (PGD), which advanced by 2.7 and 0.6 per cent, respectively.

The VN30 shed 1.5 per cent to close at 537.42 points.

Despite the gloom, the HNX-Index on the Ha Noi Stock Exchange gained 0.12 per cent, standing at 60.62 points.

Around 72 million shares changed hands, and market value reached nearly VND515.9 billion ($24.5 million), or 80.6 per cent of last Friday's level.

The HNX30, representing the performance of Ha Noi bourse's top shares, also managed to add 0.37 per cent to finish at 117.91 points.

However, the rally of both the HNX-Index and HNX30 was modest and fragile.

In a note released yesterday, ACB Securities Co analyst Le Huynh Nhut Hai said that although economic signals had been good since the first day of the new year, the correction of stock indices would likely continue.

A better economic situation in the long run — along with untagging the stock market as a non-manufacturing sector — would give investors a much-needed boost, said the State Securities Commission's head of market development Nguyen Son.

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