Shares plunge as investors remain cautious
Shares plunge as investors remain cautious
Investors continued to stay away from the market, driving shares down in Ha Noi, while stocks only began to rise in HCM City at the end of the session.
The benchmark VN-Index on the HCM City Stock Exchange edged up 0.01 per cent to 484.47 points, while the VN30 tracking the top 30 shares by market capitalisation and liquidity added 0.1 per cent at 539.51 points.
The market was propped up by several blue chips. Saigon Securities Inc (SSI) and property developers Hoang Anh Gia Lai and HCM City Infrastructure Investment (CII) and Vingroup (VIC) climbed between 1.6-2.9 per cent.
The value of trades was just 88.7 per cent of Wednesday's level, reaching VND735.15 billion (US$34.6 million) on a volume of 35 million shares.
VIC was the most active code with almost 2.5 million shares changing hands, followed by HAG with over 2.4 million units.
Hoang Anh Gia Lai released a document dated on Wednesday, saying that it finished the issuance of VND950 billion ($44.8 million) worth of bonds on Tuesday. The bonds will mature in three years, yielding 14 per cent per year in the first period of interest payments.
On the Ha Noi Stock Exchange, the HNX-Index slid 0.14 per cent yesterday to 62.34 points.
Trading was very sluggish as 14.5 million shares, worth only VND102.3 billion ($4.8 million), changed hands.
Meanwhile, the HNX30 bucked the trend to rally 0.18 per cent to 116.63 points.
Foreign investors lengthened their status as net sellers, unloading VND16.8 billion ($792,400).
"In general, market liquidity remains a matter of concern in the short term as it is constantly staying low, challenging the recovery of the market," commented an FPT Securities Co analyst.
Investors were hesitant despite attractive share prices, they added. "Yesterday's trading indicates that there is a shortage of strong incentives to lure money back."
Meanwhile, shares tracked by the VN30 were mixed, further misleading the trend of the indices.
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