Shares fall on lack of good news

Mar 14th at 13:15

14-03-2013 13:15:24+07:00

In Wednesday's markets, slumping blue chips were once again responsible for driving the VN-Index down on the HCM City Stock Exchange, with the Index giving up another 0.45 per cent to close at 473.18 points.


Source:VietstockFinance

Only five of the top 30 shares on the bourse advanced, while 22 codes declined and three closed flat. The VN30 decreased by a more significant 0.86 per cent to 542.94 points.

The market continued to fall due to the lack of positive news and most stocks were traded in narrow price ranges.

Both trading volume and value declined slightly from the previous session, totalling nearly 50.3 million shares, worth VND802 billion (US$38.2 million).

Tan Tao Investment Industry (ITA) was again the most active code by the end of yesterday's session with 2.6 million shares changing hands, edging down 3.9 per cent at VND7,500 a share.

Truong Thanh Furniture Corp (TTF), formerly the most active code in the morning, came in the second with trades of 2.1 million shares. The shares rose 5.6 per cent to settle at VND7,400.

On the Ha Noi Stock Exchange, the HNX-Index decreased 1.27 per cent to finish yesterday's session at 61.43 points following a total trading value of VND399.3 billion ($10.2 million), down 21.7 per cent from Tuesday's value.

PetroVietnam Construction (PVX) continued to slide yesterday, closing at just VND5,700 a share, but they were still the most heavily-traded code nationwide on trades of nearly 7.6 million shares.

The market saw almost no accumulation during the past week, while the selling pressure increased in the last two sessions and both stock indices continued advancing to strong resistance levels. According to Nguyen Tuan, analyst of FLC Securities Co, those factors are indicating that the market is heading for a decline.

"There's a possibility that investors are pursuing the strategy of trying to keep the market stable to continue distribution," Tuan said, noting the current market situation was similar to the trading in June last year when the market was up for a few sessions and then down on strong selling.

Foreign investors continued to buy yesterday in HCM City and were responsible for a net buy of VND65 billion ($3.1 million) worth of shares, but they remained net sellers in Ha Noi, unloading another VND18 billion ($857,000) worth of shares.

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