Sell-off pressures remained strong among domestic investors on the HCM City Stock Exchange on Dec.23, while the approaching Christmas holiday appeared to cause foreign investors to back away from the market following a furry of buys on Dec.20, said a market analyst with a HCM City-based securities firm, Nguyen Cong Chinh.
Stocks fell for the second day in HCM City on Dec. 23, pushing the VN-Index down by 1.27 percent to a close of 475.41 points. The volume of trades also fell by 7.3 percent to 57 million shares, worth 1.4 trillionVND ( 66.7 million USD).
"A rumour that some foreign investment funds had intended to disburse capital into local stocks has been governing market sentiment, causing local investors to keep a close eye on foreign investor trading," Chinh said.
But when foreign buys dropped by half after Dec. 20, investors became skeptical and hesitant, he added.
Foreign investors remained net buyers on the HCM City bourse on Dec. 23, picking up nearly 4 million shares, worth a net of 132.4 billion VND (6.3 million USD).
Overall, Saigon Securities Inc (SSI) was the most-active share in trading on the southern market, but SSI declined by 1.29 percent on the day to 30,700 VND per share. About 75 percent of listed codes followed suit, including PetroVietnam Finance (PVF), down 3.6 percent; Masan Group (MSN), down 2.99 percent; and insurer Bao Viet Holdings (BVH), down 2.88 percent.
Chinh suggested that domestic investors would continue to wait on the end-of-year inflation data and further news on Vinashin's appeal for an extension from Credit Suisse to begin repaying some of its debt.
Kim Eng Vietnam Securities Co analysts took a more positive mid- to long-term outlook. They said that a range of 459-468 would prove a new a resistance mark and suggested that investors begin reinvesting if the VN-Index fell below this level.
On the Hanoi Stock Exchange, the HNX-Index dropped by 2.2 percent to 111.22 points, with trading volume slowing to 40.8 million shares, worth a combined 844 billion VND (40.2 million USD). Kim Long Securities Co (KLS) was the most-active share, with 5.5 million traded./.
Stocks fell for the second day in HCM City on Dec. 23, pushing the VN-Index down by 1.27 percent to a close of 475.41 points. The volume of trades also fell by 7.3 percent to 57 million shares, worth 1.4 trillionVND ( 66.7 million USD).
"A rumour that some foreign investment funds had intended to disburse capital into local stocks has been governing market sentiment, causing local investors to keep a close eye on foreign investor trading," Chinh said.
But when foreign buys dropped by half after Dec. 20, investors became skeptical and hesitant, he added.
Foreign investors remained net buyers on the HCM City bourse on Dec. 23, picking up nearly 4 million shares, worth a net of 132.4 billion VND (6.3 million USD).
Overall, Saigon Securities Inc (SSI) was the most-active share in trading on the southern market, but SSI declined by 1.29 percent on the day to 30,700 VND per share. About 75 percent of listed codes followed suit, including PetroVietnam Finance (PVF), down 3.6 percent; Masan Group (MSN), down 2.99 percent; and insurer Bao Viet Holdings (BVH), down 2.88 percent.
Chinh suggested that domestic investors would continue to wait on the end-of-year inflation data and further news on Vinashin's appeal for an extension from Credit Suisse to begin repaying some of its debt.
Kim Eng Vietnam Securities Co analysts took a more positive mid- to long-term outlook. They said that a range of 459-468 would prove a new a resistance mark and suggested that investors begin reinvesting if the VN-Index fell below this level.
On the Hanoi Stock Exchange, the HNX-Index dropped by 2.2 percent to 111.22 points, with trading volume slowing to 40.8 million shares, worth a combined 844 billion VND (40.2 million USD). Kim Long Securities Co (KLS) was the most-active share, with 5.5 million traded./.
