Stock markets continue to slide
Stock markets continue to slide
Shares continued the downtrend yesterday afternoon with the VN-Index falling for a third straight day, down another 0.32 per cent to settle the session at 485.66 points.
Blue chips lost their momentum. Only eight of the top 30 shares by market capitalisation and liquidity advanced while 10 declined and 12 closed flat.
The VN30 were up just 0.05 per cent at 543.38 points.
Decreasing liquidity during recent sessions raised investor uncertainty.
Total value of trades yesterday dropped another 25 per cent from the previous session, reaching just VND622 billion (US$29.6 million) on a volume of just 38.3 million shares.
Tan Tao Investment Industry Corp (ITA) became the most active stock yesterday with 2 million shares changing hands at VND6,700 a share.
According to many stock analysts, securities seemed to lose their shine for investors as cash flow was decreasing day by day.
However, finding a good alternative investment channel isn't easy, as low deposit rates made savings less attractive while the gold market is volatile on policy fears, said analysts.
Foreign investors returned as net buyers on the HCM City exchange, though for a modest net buy of just VND11 billion ($523,800) worth of shares.
On the Ha Noi Stock Exchange, growing uncertainty also pushed the HNX-Index down 0.6 per cent to 62.69 points.
Trading improved, however, as market volume increased 35 per cent over Thursday to nearly 28 million shares while the value of trades jumped 30 per cent to VND210.4 billion ($10 million).
Yesterday morning, the exchange announced shares in construction Song Da – Thang Long Co (STL) would be delisted from the northern bourse from July 26 because the company recorded negative equity of nearly VND24 billion ($1.14 million).
STL shares fell to the floor price of VND3,100 a share from the ceiling price of VND3,400 they hit on Thursday.
Investment group FLC (FLC) was again the most active on the bourse, however, with 6.3 million shares exchanged at VND6,300 per share, down 1.6 per cent from a day earlier.
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