HA NOI — The VN-Index fell from the psychological barrier of 480 points yesterday, but strong gains of some major shares helped forestall further market declines, with the index only closing slight down 0.64 per cent to close at 477.44.
Blue-chip gains included Bao Viet Holding (BVH), Masan Group (MSN) and Vinpearl (VPL).
Despite the recent slowdown, VPL reached its ceiling price for the fourth consecutive session and closed at VND53,000 (US$2.55) yesterday. It was also the 15th continuous session that VPL retained its gains.
BVH saw a sixth consecutive day of gains and closed up 2 per cent at VND75,500 ($3.6). Whereas, MSN rose by 1 per cent to close at VND76,000 yesterday, a slight decrease on its value at the previous session.
An analyst from the Tan Viet Securities Co, who wanted to remain anonymous, said that the rising prices of these shares could be attributed to their good business performance, but it was not easy to explain why their prices had continuously increased as investors still remained uncertain about the state of the market.
In contrast, prices of many shares fell, including leading blue-chips such as Eximbank (EIB), Phu My Fertiliser (DPM), Hoang Anh Gia Lai (HAG), and Tan Tao Industrial Zone (ITA). Losers outnumbered gainers 203 to 43, while 28 remained steady.
However, trading volume stood at about 35.4 million, worth VND817.2 billion ($38.8 million), slightly up on the previous session.
"Shortage of information was the main reason for the slowdown in the market. Investors should be cautious as a slide on local and international markets could happen, triggered by events such as the EU public debt crisis, or tension on the Korean peninsula," reported the PetroVietnam Securities Incorporated.
Foreign investors become net buyers yesterday, buying more than 9.2 million shares and selling 4.8 million.
The HN-Index also lost 2.52 per cent to close at 104.76. Trading volume also equalled the previous session at 31.4 million, worth VND564.5 billion ($26.9 million).
The number of decliners was roughly five times higher than the number of advancers, 245 to 55, while 70 remained unchanged.Source: vnagency.com.vn
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