Local shares fail to consolidate gains

Local shares fail to consolidate gains

There was a ray of hope when the VN-Index rallied at yesterday's morning session, but it didn't last long.

At the HCM City Stock Exchange, the VN-Index closed at 588.35 points, retreating by nearly 1 per cent. The value of trades slightly increased over that of Tuesday to VND2.9 trillion (US$136.7 million) on a volume of 162.4 million shares.

The VN30 Index, which tracks the bourse's 30 leading stocks in capitalisation and liquidity, continued to lose by 0.67 per cent to 623.66 points as losers outnumbered gainers by 23 to 5.

Negotiated trading of Eximbank and Vinamilk shares accounted for more than 30 per cent of yesterday's total market value. While EIB advanced by 0.87 per cent, VNM retreated by 1.94 per cent.

At the Ha Noi Stock Exchange, the HNX-Index also fell by 0.67 per cent to 89.64 points. Trading value and volume reached VND1.2 trillion ($56.6 million) and 79.8 million shares.

Large-cap stocks on the northen exchange sent the HNX30 Index down by 0.73 per cent to 181.52 points.

The most active stock at the HCM City Stock Exchange was property developer FLC, which saw more than 30 million shares change hands and increased by 2.5 per cent.

In the capital city, retailer KLF Investment also moved upstream to add 4.6 per cent and was transacted at a volume of 27.6 million units.

The domestic market has undergone a period of insufficient supportive information. Possibly supportive information to be released soon will be the consumer price index (CPI).

Analysts predicted the CPI in November to increase by a mere 0.1 per cent following a series of fuel price reductions.

Since there were no major changes in the economy, the stock market was forecast to remain steady at this level and probably rally slightly by year-end.

vir