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Stock still fall on slim volumes   2010-09-25 - Viet Nam News

The VN-Index declined for a third successive day, backsliding 0.24 per cent to close at 449.77 on the HCM City Stock Exchange.

An investor monitors trade at the offices of Wall Street Securities Co in Ha Noi. The VN-Index slid yesterday to 449.77 points.

In all, 34.7 million shares worth VND886.8 billion (US$45.6 million) changed hands yesterday, Sept 24, a decrease of 30 per cent in both volume and value over yesterday’s figures.

Advancers outnumbered decliners by 105-89 and 69 closed unchanged.

Among the 10 largest capitalised shares, Eximbank (EIB), Vietinbank (CTG) and property developer Vincom (VIC) advanced, while insurer Bao Viet Holdings (BVH), software giant FPT (FPT) and real estate tycoon Hoang Anh Gia Lai (HAG) retreated.

Ocean Group was the most heavily-traded stock with 2.55 million shares exchanged. OGC retreated by another 2.33 per cent to VND33,400 ($1.71).

The southern bourse yesterday welcomed the first listing of Viet Thang, Aquafeed (VTF). VTF, which floated more than 18 million shares, closing its first trading day up 3 per cent over the reference price to VND18,100 ($0.93) per share.

In Ha Noi, increased sell orders during the final minutes of yesterday’s session depressed the HNX-Index by 0.15 per cent to close at 129.63 after the market had rallied throughout most of the session.

The exchange’s trading volume slid by 27 per cent to just 27 million shares worth VND641.4 billion ($32.9 million). A total of 169 shares advanced, 100 declined and 44 remained unchanged.

Securities companies performed well, including Bao Viet Securities (BVS), Kim Long Securities (KLS), SHB Securities (SHS) and VNDirect Securities (VND).

PetroVietnam Construction (PVX) continued to be the most active stock on the northern bourse with 2.93 million shares sold. PVX rose 1.29 per cent to close at an average of VND23,500 ($1.21) per share.

In other market-related news, though Circular 13 will be implemented on October 1, investors continue to wait for the results of the circular review. Nguyen Duc Thi, analyst at Bao Viet Securities Co, said the market was likely to fluctuate narrowly in response to the lack of news about the review.

"However, it is hard for the market to fall steeply because everyone is aware of the circular, which has affected the market in the past," Thi said.

The nation’s inflation rate increased by 1.31 per cent in September. The hike resulted from a 12-per-cent increase in education costs.

Analyst Dang Lan Huong at Au Viet Securities Co said the declining market mirrored persisting investor concerns over the impacts caused by high inflation and Circular 13 on the market.

Foreign investors finished yesterday’s session as net sellers on the HCM City market, picking up nearly VND21 billion ($1 million) worth of shares, but they were net buyers for a modest VND4.67 billion ($239,500) worth of shares. in Ha Noi market.

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