Shares managed to rise during the first few minutes of Dec. 8’s session
on the HCM Stock Exchange before sinking back into the red.
The benchmark VN-Index closed at 381.63 points, a decline of 1.44
percent from the previous day. A heavy sell-off of shares lifted the
value of trades by 54.8 percent over Dec. 7’s session to 629.5 billion
VND (29.6 million USD). Volume was 41.7 million shares, a 34.5 percent
increase. Decliners outnumbered advancers by a margin of 143 to 85.
Eximbank (EIB) and Sacombank (STB) are the only blue chips to perform
well, gaining 1.6 and 0.7 percent, respectively, while other large-cap
shares retreated or closed unchanged.
Real estate and
construction shares, in particular, suffered from sell pressures, with
Vincom (VIC), Khang Dien House Trading and Investment (KDH), Kinh Bac
City Development (KBC), House Vietnam (NVN), Licogi (LCG), Quoc Quang
Gia Lai (QCG) and Idico-Petroleum Construction (PXL) all bottoming out
despite a Government instruction issued Dec. 8 intended to reinforce
management on the real estate market.
In the instruction,
the Prime Minister assigned the State Bank of Vietnam to ensure
financing are available for projects capable of making a return on
investment capital within the coming year, especially housing targeted
to low-income earners. The bank was also ordered to co-ordinate with the
Ministry of Construction to guide banks in implementing consistent
credit policies with the aim of restructuring the property market.
On the Hanoi Stock Exchange on the same day, the HNX-Index responded
with a slight increase of 0.13 percent, closing at 62.59 points. Trading
value declined to just 238.5 billion VND (11.2 million USD), or 2.7
percent lower than Dec. 7’s level, while volume reached only 25.3
million shares.
Losers once again outnumbered gainers by 139 to 72.
Kim Long Securities Co (KLS) was the most-active share nationwide, with
around 3.4 million traded before it closed down by 1.9 percent to
10,400 VND per share.
Foreign investors are net sellers on both bourses Dec. 8 by a combined net margin of 58 billion USD (2.7 million USD). /.