Over 160 of 680 listed stocks plunged to their floor prices on Dec.15, continuing to drag down benchmark indices on both national stockexchanges.
On the HCMC Stock Exchange, the VN-Index lost another0.84 percent from on Dec. 15’s close to conclude the session at 364.48points, with decliners outnumbering advancers by over two-to-one.
Decreasedpurchasing power also pushed market volume down by 30 percent to about40.5 million shares, while the value of today’s trades dropped by 19percent from the previous session to 688.4 billion VND (32.8 millioUSD).
Blue chips were mixed. While shares in property developerVincom (VIC) hit the ceiling and steelmaker Hoa Phat Group (HPG) gained1.6 percent, two heavyweight stocks – insurer Bao Viet Holdings (BVH)and food producer Masan Group (MSN) – fell by almost 5 percent. Otherlarge-cap shares retreated more modestly or closed unchanged.
Sacombank(STB) was again the most-active share, with over 3.4 million changinghands; however, STB closed unchanged for a third session in a row at14,800 VND(0.7USD) per share.
On the Ha Noi Stock Exchange onDec. 15, the downward spiral continued, with the HNX-Index closing off1.24 percent to 58.90 points. Losers overwhelmed gainers by 209-37.
Manyinvestors started a strategy of bottom-fishing on the northern bourseyesterday as they increasingly expected another snap rebound followingthe current prolonged downturn. This helped increase the overall valueof trades by over 10 percent to 311 billion VND (14.8 millioUSD), withnearly 38.7 million shares changing hands.
Kim Long Securities Co(KLS), the most-active share nationwide on a volume of 4.2 millionshares, continued to decline, however, closing at VND9,200, a loss of4.2 percent.
In contrast to local investors, foreign investorsincreased their buys, picking up a combined net of over 60 billionVND(2.9 million USD) worth of shares
Leaders of the StateSecurities Commission have confirmed this week that the settlementperiod for securities trades would be reduced early next year from thecurrent three days after the transaction date (T+3) to T+2.
“Thoughthis has been long awaited, its implementation takes time due to thecurrent infrastructure inadequacy,” analysts of FPT Securities Co wrotein a market report. “Therefore, any positive impacts of this informationare not significant enough to push up the market.”/.