HA NOI — More than two-thirds of stocks on both national stock exchanges fell for a second successive session yesterday as investors continued to convert their holdings into cash.
On the HCM City Stock Exchange, the VN-Index declined by over 1.7 per cent to close at 452.83 points, while the value of trades fell 20 per cent from Tuesday's level to VND1.6 trillion (US$76.2 million), with 71.6 million shares traded.
More than 65 per cent of decliners sank to their floor prices and many went unsold, including shares of Southern Rubber Industry (CSM), Da Nang Rubber (DRC), Vien Dong Pharmaceutical (DVD), Long An Food Processing Export (LAF) and Song Da Urban & Industrial Zone Investment and Development (SJS), all of which had seen gains in recent sessions.
Of the 10 most-heavily capitalised shares, only property developer Vincom (VIC) and Eximbank (EIB) advanced, up 3.5 per cent and 1.4 per cent, respectively.
Saigon Securities Inc (SSI) was the most active nationwide, with a volume of 5.36 million shares exchanged, but it dropped to its floor price of VND26,900 ($1.28) per share.
Rumours circulating on the market yesterday that foreign creditors were refusing requests from State-run shipbuilding group Vinashin to defer $60 million in loan payments due on December 20 unnerved many investors, commented independent analyst Nguyen Viet Hung.
"Nothing can be confirmed now, but if the refusal of these creditors were true, it would negatively affect Viet Nam's overall creditworthiness and it would become more difficult for the nation to borrow fresh funds overseas," Hung said.
Nguyen Quang Minh, an analyst with the financial information website Vietstock, said this was particularly discouraging to investors who relied on financial leverage and expected it might result in further tightening of credit.
"This could cause increased pressure to sell off massively in the next session which isn't good for the market in the short term," Minh said.
But VNDirect analysts believed the market was only undergoing a technical correction and predicted gains in the medium term.
On the Ha Noi Stock Exchange yesterday, the HNX-Index declined by almost 3 per cent to end the session at 110.78. The volume of trades decreased by over 17 per cent to 66.8 million shares, worth a combined VND1.3 trillion ($61.9 million).
Decliners outnumbered advancers by 204-32, with 70 per cent of the losers plunging to their floor prices.
Kim Long Securities Co (KLS) continued to be the most heavily-traded share on the northern bourse, with over 4.67 million shares traded. However, KLS also dropped to its floor price, finishing the day at VND14,900 ($0.76).
Foreign investors were net sellers on both exchanges for a second day, picking up a combined 3.3 million shares worth VND111 billion ($5.3 million).Source: vnagency.com.vn
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