Business

Markets remain mired in misery

Shares fell further on the Ho Chi Minh Stock Exchange on Nov. 28 as investors sought solace from the lacklustre market by continuing to sell.
Shares fell further on the Ho Chi Minh Stock Exchange on Nov. 28 asinvestors sought solace from the lacklustre market by continuing tosell.

The benchmark VN-Index declined by another 0.29 percentto close the day at 375.79 points, extending its losing streak to sixconsecutive sessions.

Blue chips extended their slump with a 0.49 percent decrease on the VN30 Index to close at 441.49 points.

At 591.6 billion VND ( 28.3 million USD), the value of trades wasnearly double the previous day's level but this brought little respitefor share prices.

Wood processor Duc Long Gia Lai Group (DLG)and Saigon Securities Inc (SSI) were the most active shares on thesouthern bourse during the day, with more than 700,000 shares traded oneach code.

On the Hanoi Stock Exchange, the HNX-Index scrapedto a positive in the last minutes to conclude at 51 points, up just 0.08percent on Nov. 27's level.

Trading improved with more than19.5 million shares, worth 123.6 billion VND (5.9 million USD), changinghands, up 30 percent.

Sai Gon-Hanoi Bank (SHB) was still themost active code with trades of 1.89 million shares, while SHC closedflat at 4,800 VND a share.

"Never in its history has the stockmarket experienced such a long-term decline," said Nguyen Huu Viet, headof the Research and Analysis Department under International RoyalSecurities Co.

Stock indices fell for the seventh consecutive month with sluggish trading showing demand and supply remains weak.

Viet added: "Although the fall of each session is modest, the relentless declines erode investor confidence."-VNA
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