HA NOI — Erratic trading on the HCM City Stock Exchange yesterday saw the VN-Index rising and falling throughout the session before closing down 1.66 per cent to 457.42 points.
About 66 million shares changed hands with a total value of VND1.38 trillion (US$69 million).
After a slow start, over 100 codes closed at their ceiling prices, with blue-chips such as Gemadept (GMD) and Sai Gon Securities Inc (SSI) first to peak.
This fuelled further growth in Refrigeration Electrical Engineering (REE), Tan Tao Industrial and Investment (ITA), Licogi (LCG), Sao Vang Rubber (SRC), Song Da Urban and Industrial Zone Investment and Development Co (SJS) and a series of penny stocks.
Despite the unpredictable situation in HCM City, shares rose strongly on the Ha Noi Stock Exchange, where the HNX-Index finished the session up 4.9 per cent to 111.93 points. Trading volume remained high at 68 million shares, with a value of VND1.32 trillion ($67 million) , nearly equal to the mark set by the HCM City market.
Ngo Van Minh, director of analysis for the Sai Gon-Ha Noi Fund Management Co, said the stock market was gaining despite doubts about inflation, interest rates and other economic factors.
"In addition, the EU debt crisis and stress between North and South Korea may seem far removed from us, but they have the capacity to impact upon the local market," Minh said.
"The market hasn't seen a wave over the past three months, so money flows have been discharged into other channels, such as gold, foreign currency and real estate," said VNDirect Securities Co analyst Nguyen Viet Quang. "Once prices on these markets have plateaued, investors will take profits and redistribute part of them back to stock market because of the cheap share prices."
Despite the belief of some investors that the stock market typically anticipated economic trends by about three months, negative economic factors were already reflected into the current prices of stocks, Quang said. Investors were now waiting on a future market rebound, he added.
Notably, all shares in the securities sector on both bourses hit their ceiling prices yesterday, including SSI and HCM City Securities Co (HCM) in HCM City, and Kim Long Securities Co (KLS) and Hai Phong Securities Co (HPC) in Ha Noi.
Trading in Vien Dong Pharmaceuticals was officially taken under control by the State Securities Commission yesterday and only permitted in the final 15 minutes of the session yesterday, as its former chairman, Le Van Dung, remains in temporary detention on charges of attempting to manipulate share prices.Source: vnagency.com.vn
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