City shares make shaky recovery
City shares make shaky recovery
Shares rebounded in HCM City, but lost ground in Ha Noi yesterday.
On the HCM City Stock Exchange, the VN-Index gained 0.45 per cent to reach 477.73 points, although losers outnumbered gainers by 108-78.
The VN30 also added 0.7 per cent to reach 535.80 points. The 30 largest stocks tracked by the index were mixed, with 13 codes increasing and eight others declining. Notably, PetroVietnam Drilling Services (PVD) reached its ceiling price of VND61,500 (US$2.9), while PetroVietnam Finance (PVF) hit the floor price for the fourth successive session.
The overall value of trades on the bourse increased slightly compared to Monday's figure to about VND719.2 billion ($33.9 million) with around 39.1 million shares exchanged.
On the Ha Noi Stock Exchange, the HNX-Index ended yesterday's session at 59.53 points, a 0.8 per cent fall compared to the previous day. Losers overwhelmed gainers by 91-68.
Trading was sluggish again, with a total of 25.4 million shares worth VND161.1 billion ($7.5 million) changing hands, dropping 37.2 per cent in value.
The HNX30, composed of the bourse's top 30 shares in terms of capitalisation and liquidity, also retreated 0.9 per cent to 109.38 points.
Among listed banking stocks, only Vietcombank (VCB) managed to close in the green yesterday. The seven others tumbled or finished the session unchanged.
According to the State Bank of Viet Nam's latest data, the total assets of commercial banks in July plunged VND38.3 trillion ($1.8 billion) compared to June.
In addition, non-performing loans as of July accounted for 4.58 per cent of the outstanding loans, up by 0.12 per cent compared to the end of June and halting the two-month decrease.
In general, the market trend was still a declining spiral as liquidity did not improve, said FPT Securities Co analysts in yesterday's report. Especially in Ha Noi, Sai Gon-Ha Noi Bank (SHB) was no longer the boost to the market. It fell 1.4 per cent.
Meanwhile, negative movements still affected stocks with high trading frequency, such as construction group Vinaconex (VCG) and PetroVietnam Construction (PVX).
"In the short term, we believe there will be more strongly shaky sessions as investor sentiment remains low," some analysts predict.
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