Thang Long - Hanoi

Shares track declining global markets
13/06/2012 | 11:00:19
EMAIL PRINT Bookmark and Share SHARE Font Size A A A
Shares declined on sluggish trades on June 12, tracking tumbling global markets overnight.

The combined volume of trades on both of the nation's stock exchanges dropped to less than 29 percent of the June 11 level.

"Since last year, the level of correlation between the Vietnamese market and global markets has clearly increased," Kim Eng Securities Co analysts wrote in note on June 12.

The VN-Index has posted three consecutive declining sessions, typically not a good sign, they added.

"Technically, there are no signals coming from prices as the two indices are still trading below their resistance levels," they said.

On the HCM Stock Exchange on June 12, the VN-Index closed down by about 1 percent to 428.16 points and the value of trades reached only 838.4 billion VND (39.9 million USD) on a volume of just over 57 million shares.

Over 70 percent of codes closed unchanged, while 41 advanced and 45 declined, including most blue chips. However, Vietinbank (CTG) and property developer Hoang Anh Gia Lai (HAG) were able to buck the trend, gaining 0.5 and 0.4 percent, respectively.

The VN30 Index, tracking the city's 30 leading stocks in terms of capitalisation and liquidity, reached 506.49 points, a decline of 0.7 percent from the prior session.

On the Hanoi Stock Exchange, the HNX-Index shed 1.6 percent to close at 74.60. Over half of listed codes dropped points, while value shrank to a mere 458.2 billion VND (39.5 million USD) on a volume of only 43.45 million shares, respectively.

Bao Viet Securities Co analysts predicted that the European debt crisis can have significant adverse impacts on Vietnamese exports and flows of foreign investment.

Notable is that overall market capitalisation has increased recently with the listing of a number of new shares, but liquidity and indices have fallen.

"The increasing number of new and additional listings this year has actually been a barrier to the growth of the market," they commented. Nevertheless, they predicted that strong domestic investment will enable markets to rally this month. -VNA
COMMENTS
Your comments will be likely edited before publishing
Fullname
(*)  
Email
(*) 
Content
(*)
   
Hanoi CPI rises in July
Hanoi’s consumer price index (CPI) in July rose by 0.18 percent over the previous month.
VNA, PRD to enhance information sharing
The VNA and Thailand's Public Relations Department (PRD) have vowed to enhance information exchange.
Seminar marks 60 years of Geneva agreement
A seminar was held in Algeria to mark the 60th anniversary of the Geneva Agreement.
VN ready for Int’l Chemistry Olympiad 2014
Everything is in place for the 46th International Chemistry Olympiad, which will kick off in Hanoi on July 21.
PM greets former US president Clinton
Prime Minister Nguyen Tan Dung welcomed former US President Bill Clinton in Hanoi on July 18.
VN vows to optimise use of WB loans
Vietnam will use loans committed by the WB in the most effective way, said PM Nguyen Tan Dung.
Cable cut slows internet connectivity
The Asia-America Gateway (AAG) submarine cable was cut at 6.36pm on July 15.
Int’l expos promote use of green energy
Over 100 domestic and foreign businesses are joining exhibitions on green technology in HCM City.

EMAIL PRINT Bookmark and Share SHARE Font Size A A A
Other websites:
Partners: