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Shares decline despite high liquidity

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Shares tumbled on both national stock exchanges, despite high liquidity on October 7.

On the Ho Chi Minh City Exchange, the VN-Index closed down 0.53 percent to 499.86 points, dropping from its 500-point level recorded on November 6.

One hundred codes managed to increase while 100 others lost.

The total trading volume and value were high, at 106.540 million shares and 1.29 trillion VND (61.42 million USD), respectively.

The VN30-Index, tracking the largest shares by capitalisation and liquidity, lost 0.5 percent to finish at 559.12 points with decliners outnumbering advancers by 18-6.

Vinamilk (VNM) lost 1,000 VND (0.049 USD) to stop at 140,000 VND (6.7 USD) per share and PetroVietnam Drilling (PVD) closed 2,000 VND (0.098) lower at 65,500 VND (3.19 USD) per share.

Other losses were pegged to big names like insurer Bao Viet Group (BVH), Southern Rubber (CSM), property developer Hoang Anh Gia Lai (HAG), Military Bank (MBB) and Ocean Group (OGC).

Six gained between 100-400 VND per share.

According to FPT Securities, bluechip companies failed to support the market yesterday, dragging down the benchmark index.

However, many shares of small cap groups continued to attract cash flow, helping improve the market's overall liquidity.

Technology enterprise Tan Tao Group (ITA) lead the bourse in liquidity with 9.7 million shares changing hands yesterday.

On the Hanoi Exchange, the HNX-Index shed 0.2 percent to finish at 63.15 points on the trading of more than 61.98 million shares.

The trading value totalled 413.6 billion VND (19.6 million USD) and trading volume and value were both higher than the November 6 trading session.

The HNX30-Index, composed of the capital city's 30 largest listed companies, finished on October 7 0.62 percent lower at 118.45 points.

Although market liquidity has improved recently, the market was still in short-term difficulty due to the failure of blue chips in supporting the benchmark indices, according to FPT Securities.

Foreign buyers contributed yesterday's net trading to a value of 55.4 billion VND (2.64 million USD).

Vietnam Investment Securities forecast that the downward trend would continue on November 8, however, the decreasing rate would not be significant.-VNA

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