Shares start accumulation phase
Shares start accumulation phase
Stocks tumbled in HCM City and posted modest gains in Ha Noi yesterday on low demand and investor caution.
On the HCM City Stock Exchange, the VN-Index slid more than 0.3 per cent to 497.41 points.
Trading value reached only 57 per cent of Wednesday's level, totalling just VND688 billion (US$32.4 million) on a volume of 43.3 million shares.
The VN30, composed of the southern exchange's 30 leading shares by capitalisation and liquidity, also lost 0.3 per cent to 555.56 points.
Blue chips were sluggish, with more than half losing ground. Only five managed to advance, gaining between 0.3-1.6 per cent.
VietCapital Securities Co analysts alleged that yesterday's decline was in the accumulation phase. "Therefore, a steep fall is unlikely to happen," they said.
After the accumulation phase comes the markup phase, where prices break out of their range and begin a sustained uptrend.
The Viet Nam Investment Securities Co also said that although demand was low, sell-offs were unlikely.
"In the short term, domestic and global economic movements will not significantly impact the market, and shares will be traded according to investor demand," said Bao Viet Securities Co analyst Tran Hai Yen.
However, she remained more cautious than other analysts, noting that supply and demand could cause heavy sales if cash inflow did not improve.
On the Ha Noi Stock Exchange, the HNX-Index ended at 61.64 points, up 0.09 per cent.
With only 15.76 million shares changing hands, the value of transactions declined 15 per cent over the previous session to VND156.5 billion ($7.3 million).
The HNX30, tracking the 30 largest stocks on the bourse, added 0.3 per cent to close at 115.42 points.
Foreign investors concluded the day as net buyers in Ha Noi by a margin of VND8.4 billion ($396,200), while they were sellers in HCM City by VND6.5 billion ($306,600).
vietnamnews
