Although the nation's monthly consumer price index continued to slide, shares still lost ground on July 24.
The General Statistics Office announced CPI this month decreased 0.29percent over last month. However, "the market shifted to a negativetrend very fast," said BIDV Securities Co analyst Hoang Anh Tuan. Demandfor shares was only at a low level, he added.
"With such movements, holding shares is increasingly risky."
Reaching 415.63 points, the VN-Index on the Ho Chi Minh Stock Exchange edged down 1.5 percent.
Around three-quarters of the listed stocks retreated.
Most blue chips tumbled; notably, insurer Bao Viet Holdings (BVH) andHO CHI MINH City Infrastructure Investment Co (CII) bottomed out. Of the30 shares tracked by the VN30, only software giant FPT (FPT) added 4.5percent. The index lost 0.9 percent to 491.34 points.
Thesouthern bourse's overall market value fell 16 percent to 659.4 billionVND (31.4 million USD), as trading volume reached only 88.3 percent ofJuly 23's level, standing at 44.8 million shares.
On the Hanoi Stock Exchange, the HNX-Index slid 2.3 percent compared to the previous day's close, reaching 69.84 points.
Losers largely overwhelmed gainers by 187-54.
Trading slightly declined to a value and volume of 478.9 billion VND (22.8 million USD) and 51.4 million shares.
The HNX30, tracking Hanoi 's top shares, decreased 3.7 percent to 132.31 points.
PetroVietnam Construction Co (PVX) saw a surge in trading volume to 9.3million shares. It closed yesterday at its floor price of 8,900 VND pershare.
The company reported a huge loss of nearly 300billion VND (14.2 million USD) in the second quarter of this year due tosoaring financial and corporate management costs. Accumulated for thefirst six months of this year, PVX lost 293 billion VND (13.9 millionUSD) while making a profit of 87.46 billion VND (4.1 million USD) in thesame period last year.
The results of a recent inspectionconducted by the oil and gas giant PetroVietnam showed that PVX wasfacing a financial imbalance, with some of its subsidiaries at risk ofbankruptcy.
At that time, PVX had a charter capital of 2.5trillion VND (119 million USD) and short-term liability of over 9.6trillion VND (457 million USD).
The imbalance was causedby the use of short-term funds to finance long-term investment. Inaddition, macro-economic problems resulted in inefficient investments inits subsidiaries and affiliates, especially in real estate firms, whileit was hard for PetroVietnam's construction arm to sell stakes in theseunits.
"The business environment in the second quarter really disappointed investors," noted BIDV Securities Co analysts.-VNA
The General Statistics Office announced CPI this month decreased 0.29percent over last month. However, "the market shifted to a negativetrend very fast," said BIDV Securities Co analyst Hoang Anh Tuan. Demandfor shares was only at a low level, he added.
"With such movements, holding shares is increasingly risky."
Reaching 415.63 points, the VN-Index on the Ho Chi Minh Stock Exchange edged down 1.5 percent.
Around three-quarters of the listed stocks retreated.
Most blue chips tumbled; notably, insurer Bao Viet Holdings (BVH) andHO CHI MINH City Infrastructure Investment Co (CII) bottomed out. Of the30 shares tracked by the VN30, only software giant FPT (FPT) added 4.5percent. The index lost 0.9 percent to 491.34 points.
Thesouthern bourse's overall market value fell 16 percent to 659.4 billionVND (31.4 million USD), as trading volume reached only 88.3 percent ofJuly 23's level, standing at 44.8 million shares.
On the Hanoi Stock Exchange, the HNX-Index slid 2.3 percent compared to the previous day's close, reaching 69.84 points.
Losers largely overwhelmed gainers by 187-54.
Trading slightly declined to a value and volume of 478.9 billion VND (22.8 million USD) and 51.4 million shares.
The HNX30, tracking Hanoi 's top shares, decreased 3.7 percent to 132.31 points.
PetroVietnam Construction Co (PVX) saw a surge in trading volume to 9.3million shares. It closed yesterday at its floor price of 8,900 VND pershare.
The company reported a huge loss of nearly 300billion VND (14.2 million USD) in the second quarter of this year due tosoaring financial and corporate management costs. Accumulated for thefirst six months of this year, PVX lost 293 billion VND (13.9 millionUSD) while making a profit of 87.46 billion VND (4.1 million USD) in thesame period last year.
The results of a recent inspectionconducted by the oil and gas giant PetroVietnam showed that PVX wasfacing a financial imbalance, with some of its subsidiaries at risk ofbankruptcy.
At that time, PVX had a charter capital of 2.5trillion VND (119 million USD) and short-term liability of over 9.6trillion VND (457 million USD).
The imbalance was causedby the use of short-term funds to finance long-term investment. Inaddition, macro-economic problems resulted in inefficient investments inits subsidiaries and affiliates, especially in real estate firms, whileit was hard for PetroVietnam's construction arm to sell stakes in theseunits.
"The business environment in the second quarter really disappointed investors," noted BIDV Securities Co analysts.-VNA
