Bird flu epidemic and diseases in farm animals including blue-ear and foot-and-mouth in pigs and cattle have been put under control in most localities nationwide during the last two weeks.
|Investors watch stock prices at Vincom Securities Co. The VN-Index fell a slight 1.24 points, or 0.27%, against the day earlier to 463.52 on Tuesday - Photo: Le Toan|
The market opened lower and hit the daily low of 457.19 after the first matching phase. It then quickly recovered the lost ground and after a second milder correction it finally ended the day only marginally in the red.
Liquidity continued to decline for the third straight session on Tuesday with 36.4 million shares worth VND1 trillion traded, decreasing by 9.8% and 4.9% against the previous session respectively. Investors bid for 70.9 million shares, falling by 11% from the day earlier, while they offered 70.4 million shares, a 38% increase.
Losers once again outnumbered advancers at 164 to 53, with 14 shooting up to the ceiling prices and 15 others dropping to the floor prices. Small caps such as DTA, DVP, HIS and HT1 performed well while most large caps plunged below the reference prices.
Sacombank (STB) led the market in terms of liquidity, inching up 0.6% against the previous day to VND16,000 per share with volume of 1.4 million shares. Vinh Son-Song Hinh Hydropower Co. (VSH) was the second biggest traded stock, adding 1.7% to VND12,200 with 1.3 million shares changing hands.
Foreigners became strong net buyers as they acquired 3.4 million shares worth VND126 billion and offloaded over 994,000 shares worth VND43 billion, making up 11.8% and 5.4% of the market’s buying and selling value respectively.
The Hanoi market also dropped with lower turnover, at VND729 billion. The HNX-Index shed 3.92 points, or 2.8%, from the previous session and ended the day at 136.19.
There were 114 stocks gaining and 174 others falling, with six soaring to the ceiling prices and seven others plunging to the floor prices. Foreigners turned net buyers and accounted for 0.48% and 0.23% of the market’s buying and selling value respectively.
HCMC Securities Co. (HSC) in its Tuesday comment said the markets had a fairly mixed session with an early fall on the southern bourse reversed in late trade while the Hanoi market had a far more subdued session. Volumes tumbled on both exchanges as a note of uncertainty crept in after Monday’s strong gains. Foreign participation rose while market breadth narrowed.
“There was little attempt at follow-up buying at the open on Wednesday but we did receive some reassuring support buying especially in the HCMC market as the market fell back. This suggests, of course, that many investors are still hopeful that the news flow will be favorable over the next few weeks,” HSC said.
APEC Securities Co. said the market had yet to see signs of strong rally this week and the VN-Index would fluctuate between 460 and 470 points. “Otherwise, if the market retreats below 460 points and heads to the new supporting level of 440 points, investors should offload shares to prevent heavy losses,” APEC said.