Business

Shares decline on both stock exchanges

Shares declined on Sept. 10 on both nation's stock exchanges, reversing a one-day rise on Sept. 7.
Shares declined on Sept. 10 on both nation's stock exchanges, reversing a one-day rise on Sept. 7.

On the Ho Chi Minh Stock Exchange, the VN-Index concluded the sessionat 388.88 points, a loss of 2.17 percent from the previous session'sclose. However, trading was more active than during the previoussession, with almost 48.8 million shares traded, an increase of 46percent. The value of trades rose by 63 percent to over 833 billion VND(39.7 million USD).

Decliners outnumbered advancers by216-33. While blue chips were the driving force for on Sept. 7's gains,they were the primary culprit in dragging down the market on Sept. 10.

The VN30 Index, which tracks the market's leadingshares by capitalisation and liquidity, lost 2.22 percent overall to endthe session at 455.59. Insurer Bao Viet Holdings (BVH), Vietinbank(CTG), real estate developer Hoang Anh Gia Lai Co (HAG), steelmaker HoaPhat Group (HPG), financial conglomerate Ocean Group (OGC) andPetroVietnam Finance (PVF) all plunged to their floor prices.

Food processor Masan Group (MSN) was among the few gainers, picking up1.9 percent for its second rising session in a row to close at 105,000VND per share.

Sacombank (STB) was the most-activeshare by the end of the session with trades totalling 2.9 millionshares. STB closed flat at 20,000 VND.

FPT SecuritiesCo analysts wrote on the firm's website that the market was overshadowedby unconfirmed rumours that a high-ranking executive of Tan TaoInvestment Industry Co (ITA) as well as another unnamed executive werearrested. On the market, investors rushed to unload ITA shares, drivingthem to their floor price of 5,500 VND per share.

Onthe Hanoi Stock Exchange, the HNX-Index lost 3.84 percent to end the dayat 58.07 points. The value of trades reached only 270 billion VND (12.9million USD).

Blue chips plunged even more steeply, with the HNX-Index dropping by 4.72 percent to 107.61 points.

Kim Long Securities Co (KLS) was the most-active share with over 4.3million traded, dropping to its floor price of 8,100 VND a share.

Foreign investors bucked the market trend, continuing as net buyers onboth bourses. They were responsible for buys worth a combined net of 46billion VND (2.2 million USD).-VNA
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