Heavy sales drag down shares

Apr 5th at 13:23

05-04-2013 13:23:00+07:00

National stocks declined further April 4 as hot stocks saw heavy sales.

On the HCM City Stock Exchange, the VN-Index retreated 1.7 per cent, reaching 497.35 points although gainers were larger than losers.

Trading value remained almost the same as Wednesday's session, reaching VND999.8 billion (US$47.6 million) on a volume of nearly 52.2 million shares.

The VN30-Index shed 0.87 per cent over Wednesday's close to hit 564.39 points. Among the top 30 shares that the index represents, decliners outnumbered advancers by 19-9.

On the Ha Noi Stock Exchange, the HNX-Index lost 1.38 per cent to only 60.53 points.

Market value totalled VND360.5 billion ($17.1 million) as trading volume fetched around 51.3 million shares.

The HNX30-Index, tracking the northern bourse's leading shares, dropped 2.2 per cent to 114.80 points.

Shares in PetroVietnam Construction Co (PVX) saw nearly 16 million units changing hands yesterday and closed at the bottom price.

The northern exchange announced the stock was put under control yesterday as it had posted losses for two consecutive years.

PVX is a speculative stock which is the target of many investors.

Meanwhile, trading of three other stocks including Ninh Van Bay Travel Real Estate (NVT), Song Da Urban and Industrial Zone Investment and Development (SJS) and Hang Xanh Motor (HAX) was suspended from yesterday.

According to VietCapital Securities Co, SJS would probably be excluded from the portfolio of the exchange-traded fund Market Vector Vietnam, and this could create negative impacts on the company's shares.

"Along with concerns over PVX and SJS, liquidity is worsening," said BIDV Securities Co analyst Hoang Anh Tuan.

However, selling pressure has also started to decline. ACB Securities Co analyst Can Tan Phat predicted the VN-Index would rally while the HNX-Index would continue to struggle.

Foreign investors were still buyers on both bourses yesterday by a combined margin worth VND75.7 billion ($3.6 million).

On the gold market, almost all of the 26,000 taels of gold released for bids were sold yesterday in the State Bank of Viet Nam's second auction, following just 2,000 taels being sold on March 28.

Twenty out of 22 groups bought gold at a lower prices than the market price

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