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Markets in downward spiral

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1 Markets in downward spiral on Sat May 14, 2011 8:22 pm


HA NOI — Stocks continued their slow downward march yesterday on both national exchanges, with the VN-Index losing 0.5 per cent to close at 479.67 points and the HNX-Index declining by a similar 0.4 per cent to end the session at just 82 points.

The continued poor performance of shares came despite a number of listed companies publishing positive first-quarter earnings reports.

"Earnings reports of listed companies often collect historic data which is more positive than the current situation. They hardly reflect anything," said the director of brokerage for MHB Securities Co, Hoang Thach Lan.

On the HCM City Stock Exchange, the value of trades fell by 31 per cent from the previous day to just VND404 billion (US$19 million), on a volume of only 18 million shares.

Of the 10 leading shares by capitalisation, four managed gains, including PetroVietnam Finance (PVF), up 3.7 per cent; insurer Bao Viet Holdings (BVH) up 2.9 per cent; Phu My Fertilisers (DPM), up 0.6 per cent; and real estate developer Hoang Anh Gia Lai Group (HAG), up 0.2 per cent.

However, overall sluggish trading in blue chips took a toll on the VN-Index, as did the steep declines by real estate developer Vincom (VIC) and food producer Masan Group (MSN), which dropped to its floor price.

Eximbank (EIB) was the most-active share, with 1.1 million traded. Banking shares remained more heavily traded than shares in other sectors since share values remained fairly stable, Lan said.

The value and volume of trades on the Ha Noi Stock Exchange yesterday were approximate to Thursday figures, totalling VND253 billion ($12 million) and 19 million shares, respectively.

PetroVietnam Northern Gas (PVG) was the most-active share on the northern bourse, with 2.4 million shares changing hands. The gas provider had announced yesterday as the ex-date for sharholders to participate in its dividend payout.

Foreign investors returned to being net buyers on both bourses yesterday, picking a net of VND41.5 billion ($2 million) worth of shares in HCM City and VND7.3 billion ($348,000) in Ha Noi. — VNS

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