Cautious investors bide their time
Cautious investors bide their time
Shares continued to slide on both stock exchanges during yesterday's session.
On the HCM City Stock Exchange, the benchmark VN-Index lost 0.6 per cent to reach 482.77 points. There were twice as many losers as gainers.
Trading, however, increased compared to last Friday's session, with 40.6 million shares worth VND853.1 billion (US$40.2 million) changing hands.
The VN30, representing the performance of the southern bourse's 30 largest stocks, also slid back by 0.64 per cent to 539.92 points.
Only insurer Bao Viet Holdings (BVH), Vietinbank (CTG), PetroVietnam Low Pressure Gas Distribution (PGD) and Vietcombank (VCB) added between 0.36-1.17 per cent. Meanwhile, 20 others dropped in price.
On the Ha Noi Stock Exchange, the HNX-Index fell slightly by 0.56 per cent to close the day at 62.34 points on a total turnover of VND173.6 billion ($8.18 million).
Only 61 shares, or 16 per cent of the bourse's listed codes, managed to rally.
The HNX30, tracking the northern city's top shares, fell 0.67 per cent to 116.05 points.
Yesterday was the fourth successive day that stocks have been in decline, increasing the risk of a negative outlook in the short term, commented analysts on the financial information website vietstock.vn.
Liquidity remained low, signalling that cash flows were avoiding the market even though shares prices had been falling, they added.
"The risks will only stop if money comes back to help the VN-Index pass the 495 point mark."
Meanwhile, Vietinbank Capital's analyst Tran Anh Thu predicted that stocks would rally in July, with more cash taking advantage of the cheaper shares and the release of information on corporate operations in the second quarter.
However, she said there would be a big difference between the movement of different kinds of stocks. "Financial and real estate stocks will remain less attractive, while the shares of consumer goods companies will be the ones with potential," Thu said.
Foreign investors were net buyers yesterday after weeks of dumping shares. The total net value reached VND13.9 billion ($655,600).
vietnamnews
