Late falls see shares close in red
Late falls see shares close in red
Shares surprised many investors by closing yesterday's session in the red on the HCM City exchange despite a positive performance throughout most of the trading time.
The benchmark VN-Index was off 0.03 per cent to 487.22 points on low liquidity, of which value of trades totalled VND827.35 billion (US$39.4 million), down 20 per cent from the previous session's value.
The VN30 tracking the top 30 shares by market capitalisation and liquidity fell 0.05 per cent to 534.66 points with one-third of members losing ground while only 8 codes advanced and 12 closed flat.
According to stock analysts at FPT Securities Co, decreasing liquidity dampened investor confidence. They said that if domestic gold prices narrowed the wide gap with the world price, a considerable amount of cash would likely run out of the stock market for the precious metal.
The price of gold yesterday increased by about VND1 million ($47.5) per tael over a day earlier, to about VND38 million ($1,806) per tael. (One tael is equivalent to 1.2 ounces.)
Hoang Quan Consulting Trading Service Real Estate Corp (HQC) rose to be the most active code on the southern bourse yesterday. Its 2.2 million shares were on trades for a value of VND6,800 a share, up 3 per cent over Wednesday's close.
Property giant VinGroup (VIC) closely followed with 2 million shares exchanged at VND63,000 each.
On the Ha Noi Stock Exchange, the HNX-Index finished at 63.07 points, changing little compared to Wednesday's close.
Market volume was down 20 per cent from the previous session to more than 20.5 million shares valued at VND163.5 billion ($7.8 million).
Investment FLC Group (FLC), which registered to move its listing to the HCM City exchange, was again the most active code with 5.8 million shares changing hands. The shares plunged 3 per cent, however, to settle at VND6,400 a share.
Foreign investors continued to unload shares in HCM City, responsible for a net sell valued at VND60.34 billion ($2.9 million), but they again were net buyers on the Ha Noi bourse with a pick up of VND3.8 billion ($181,000) worth of shares.
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