Assurances from the Prime Minister late last week that the Governmentwill take measures to stimulate the real estate and securities marketsfailed to lift shares on the HCM Stock Exchange on Nov. 28, althoughstocks recovered in Hanoi.
In HCM City , theVN-Index opened in positive territory but declined towards the end ofthe session, closing unchanged from the previous session. The volume oftrades rose by 32 percent to 32.6 million shares, for a value of 437.7billion VND (20.8 million USD). Advancers outnumbered decliners by158-75.
Seven of the 10 leading shares by capitalisationlost value. Insurer Bao Viet Holdings (BVH), food processor Masan Group(MSN), dairy producer Vinamilk (VNM) and Sacombank (STB) saw losses of1.4-2.1 percent, while Phu My Fertilisers (DPM) and property developersHoang Anh Gia Lai (HAG) and Vincom (VIC) posted modest gains.
Sacombank (STB), with over 2 million shares traded, was the most-activestock, but it closed down 2 percent to just VND14,300 per share.
On the Hanoi Stock Exchange, the HNX-Index gained 1.2 per cent overNov. 27's close to finish the session at 61.91 points. Gainersoverwhelmed losers by 161-88.
Value soared by over 62percent to 286.7 billion VND (13.7 million USD) on a volume of 31.4million shares. Despite recent scandals surrounding securitiescompanies, shares of brokerage houses still attracted investors. KimLong Securities (KLS) and VNDirect Securities (VND) continued todominate the Hanoi exchange with volumes of 4.4 million and 3.7million shares, respectively.
Many investors expected arally in the near future as institutional investors and funds tried torun up the value of their assets towards the end of the year. However,analysts warned that this could be a double-edged sword, with majorinstitutions likely to withdraw funds from the market rather than facecontinued risk.
"The market has not shown signs ofattracting capital flows, and investment decisions based on forecasts ofthe strategies of institutional investors will be risky," Bao VietSecurities Co analyst Pham Van Khoa wrote in a report.
Foreign investors continued to unload shares on both exchanges and wereresponsible for a combined net sell of 52.3 billion VND (2.5 millionUSD) worth of shares./.