ID :
18290
Sun, 09/07/2008 - 11:00
Auther :
Shortlink :
http://m.oananews.org//node/18290
The shortlink copeid
Market slides as blue chips drop
Hanoi (VNA)- Blue chips dropped on Sept.5, bringing down
with them both the Hanoi and Ho Chi Minh City markets.
The VN-Index slid 11.9 points or 2.13 percent to close at 546.66. Trading
volume fell by nearly10 million shares to 20.96 million for a total turnover
of more than 836 billion VND (50.66 million USD).
Some blue chips had started slowing on Sept. 5, putting the brakes on the
growth of the VN-Index, as the index added just 0.62 percent to close at
558.56.
As variety of major stocks tumbled on Sept. 5, including Binh Dinh
Minerals (BMC), Phu My Fertiliser (DPM), Hoa Phat Group (HPG) and Vinamilk
(VNM). FPT also turned around, losing 6 points, after increasing over a
series of straight days.
Meanwhile, many small stocks with prices of around 20,000 VND (1.2 USD)
continued to hit the ceiling. Vietnam Petroleum Transport Joint Stock Co
(VIP) was in demand with purchases exceeding sales by 2.34 million shares.
Foreign investors were net sellers, selling about 1.9 million shares and
loading up on 1.44 million. Net sales value narrowed slightly to 17.84
billion VND (over 1 million USD) from Thursday's 20 billion VND (1.2 million
USD).
At the Hanoi Securities Trading Centre, the HASTC-Index dropped 5.73
points or 2.94 percent to end at 189.14. Around 16.75 million shares changed
hands for a total value of 791.78 billion VND (47.98 million USD).
Major stocks of the northern market including Asia Commercial Bank (ACB),
Kinh Bac Urban Development Co (KBC), PetroVietnam Insurance (PVI) and
Petroleum Technical Service Corp (PVS) all saw losses Sept. 5.
Securities areas maintained a solid upward trend, with Bao Viet
Securities (BVS) and Kim Long Securities (KLS) of the Hanoi market and
Saigon Securities Inc (SSI) of the HCM City market all hitting the
ceiling.
The market would continue to rise in September, with investor considence
facilitated by increases over the last two months, Saigon-Hanoi Securities
Company (SHS) said in a report.
"It will be difficult for the market to increase strongly between now and
the end of the year," the report said. "Investors have now considered more
carefully with methodical investment stragies, which will restrict
over-excitement of the market."
Fiachra Mac Cana, an analyst with HCM City Securities Corp, said earlier
this week that the market would adjust downwards by 20-25 percent within the
next few months. "Current shares prices have reflected what we expect in the
next few months," he said.-
with them both the Hanoi and Ho Chi Minh City markets.
The VN-Index slid 11.9 points or 2.13 percent to close at 546.66. Trading
volume fell by nearly10 million shares to 20.96 million for a total turnover
of more than 836 billion VND (50.66 million USD).
Some blue chips had started slowing on Sept. 5, putting the brakes on the
growth of the VN-Index, as the index added just 0.62 percent to close at
558.56.
As variety of major stocks tumbled on Sept. 5, including Binh Dinh
Minerals (BMC), Phu My Fertiliser (DPM), Hoa Phat Group (HPG) and Vinamilk
(VNM). FPT also turned around, losing 6 points, after increasing over a
series of straight days.
Meanwhile, many small stocks with prices of around 20,000 VND (1.2 USD)
continued to hit the ceiling. Vietnam Petroleum Transport Joint Stock Co
(VIP) was in demand with purchases exceeding sales by 2.34 million shares.
Foreign investors were net sellers, selling about 1.9 million shares and
loading up on 1.44 million. Net sales value narrowed slightly to 17.84
billion VND (over 1 million USD) from Thursday's 20 billion VND (1.2 million
USD).
At the Hanoi Securities Trading Centre, the HASTC-Index dropped 5.73
points or 2.94 percent to end at 189.14. Around 16.75 million shares changed
hands for a total value of 791.78 billion VND (47.98 million USD).
Major stocks of the northern market including Asia Commercial Bank (ACB),
Kinh Bac Urban Development Co (KBC), PetroVietnam Insurance (PVI) and
Petroleum Technical Service Corp (PVS) all saw losses Sept. 5.
Securities areas maintained a solid upward trend, with Bao Viet
Securities (BVS) and Kim Long Securities (KLS) of the Hanoi market and
Saigon Securities Inc (SSI) of the HCM City market all hitting the
ceiling.
The market would continue to rise in September, with investor considence
facilitated by increases over the last two months, Saigon-Hanoi Securities
Company (SHS) said in a report.
"It will be difficult for the market to increase strongly between now and
the end of the year," the report said. "Investors have now considered more
carefully with methodical investment stragies, which will restrict
over-excitement of the market."
Fiachra Mac Cana, an analyst with HCM City Securities Corp, said earlier
this week that the market would adjust downwards by 20-25 percent within the
next few months. "Current shares prices have reflected what we expect in the
next few months," he said.-
