Power supply will meet the anticipated surge in demand during the dry season this year, said Dang Huy Cuong, director of the Electricity Regulatory Authority of Viet Nam.
|Stock investors follow price quotations on the electronic board of a securities company in HCMC - Photo: Le Toan|
Only 31.5 million shares worth VND873 billion were traded at the Hochiminh Stock Exchange, decreasing by 15.8% and 11.9% against the previous session respectively. Bids dropped a slight 2.4% to 56.8 million shares while offers lost a hefty 21.7% to over 52 million shares.
The market opened lower and after a brief rally, it lost ground fairly sharply to hit a low of 450.07 during the second matching phase and then staged a partial recovery before finally trading flat during the final phase of the day.
Losers once again dominated with 139 stocks falling and 57 others managing to gain ground, of which four stocks closed at the ceiling prices and nine stocks dropped to the floor prices. Big names such as OGC, HAG, EIB and MSN made the biggest negative contribution to the VN-Index.
Foreign participation turned low again as the investors acquired 1.7 million shares worth VND70 billion and offloaded around one million shares worth VND34 billion. They accounted for 8% and 3.8% of the market’s buying and selling value respectively.
Eximbank (EIB) became the most actively traded stock, losing 1.8% from the previous day to VND16,300 per share with around two million shares changing hands. Sacombank (STB) came next and closed flat at VND15,800 on the volume of 1.1 million shares.
Vietnam International Securities Co. (VIS) in a note on Thursday said investors were still concerned about the market movement as trading volume dropped to a six-month low. “Recovery on global markets and optimistic CPI forecasts failed to draw buyers as investors were worried about weak cash flow and increasing supplies on the market in the coming time. Besides, the central bank’s dong devaluation decision the day earlier still affected investors as well,” the broker commented.
“We see that cheap supplies on the market have narrowed down and the VN-Index might not fall sharply in the last session of the week. However, we do not expect a rally in Friday’s session as the cash flow has really weakened,” VIS said.
HCMC Securities Corp. (HSC) said the market would continue to trade in a fairly narrow range around current levels for the time being although the short term bias is still to the downside. “However, we do see some support at current levels although any more bad news would push us lower of course. Medium to long-term players can continue to accumulate gradually but short-term players should remain cautious for now,” HSC said.
The Hanoi market continued its downtrend on Thursday in slightly higher turnover of VND664 billion. The HNX-Index was down 0.37 point, or 0.28%, from the previous session and ended the day at 132.25.
The market saw 89 stocks rising and 181 others falling, of which seven stocks went to the ceiling prices while six stocks dropped to the floor prices. Foreigners were net buyers and accounted for 0.6% and 0.3% of the market’s buying and selling value respectively.