Shares continue sluggish trend
Shares continue sluggish trend
Yesterday, shares failed to hold onto the gains made during last Friday's session.
On the HCM City Stock Exchange, the benchmark VN-Index lost 0.2 per cent to sit at 493.66 points, as those falling in price outnumbered those making a profit by 102-91.
The value of trading, however, jumped by 50 per cent over the previous session to reach VND735.14 billion (US$34.6 million), on a total volume of 29.6 million shares traded.
Meanwhile, the VN30 which tracks the performance of HCM City's 30 leading shares pulled itself up by 0.1 per cent to end at 546.18 points. Although the amount of stocks rising almost doubled the number of shares slipping back, a growth of 3 per cent for software developer FPT (FPT) and a rise of 5.6 per cent by commercial baker Kinh Do (KDC) helped the index buck the trend.
On the Ha Noi Stock Exchange, the HNX-Index finished the session at 61.89 points, a 0.5 per cent lower than last Friday's close.
As more than 13.3 million shares changed hands, the trading value climbed by a remarkable 48.5 per cent to total VND119.7 billion ($5.6 million).
The HNX30, representing the bourse's top 30 stocks in terms of capitalisation and liquidity, also slid back by 0.3 per cent to 114.98 points.
Last week, analysts forecast that August's consumer price index (CPI) could rise further compared to July, due to the increase in fuel prices and health clinic fees.
Vu Vinh Phu, chairman of Ha Noi's Supermarket Association, said that this month's CPI would probably rise by about 0.6-0.7 per cent. "The prices of commodities such as petrol have now climbed three times in a row, in one month, and will affect the CPI in September," he added.
Although the Vietnamese stock market was praised as being the second fastest growing in Asia, according to Reuters, it has been sluggish since June. Investors have been unsure about selling their shares to cut losses or holding on to shares and waiting for opportunities that could arise, as suggested by analysts.
While many have alleged that the VN-Index could reach almost 650 points by the years end, analysts from the website vietstock.vn have said that the chance of this was low, as the "short-term economic basis of the stock market has not improved".
"It is more likely that the market will continue to follow a downward spiral," they said.
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