Call it a self-fulfilling prophecy, but as soon as Dragon Capitaldirector Dominic Scriven said this week that it was too early to expect asustained rally, the nation's stock market on Mar. 16 began to showinstability.
Shares in Hanoi extended the rally from theprevious day, albeit at a slower rate, but HCM City stocks lostground in the final minutes of morning trading and then continued toslip until the end of the afternoon session.
On the HCMStock Exchange, the VN-Index closed off by 0.75 percent to 438.52points. The VN30 Index, which tracks the exchange's 30 top stocks,declined by an even more substantial 1.2 percent to end the day at496.87 points.
The value of trades reached about 1.84 trillion VND (87.6 million USD) on a volume of 113.6 million shares.
Major blue chips retreated, with Vietinbank (CTG), real estatedeveloper Hoang Anh Gia Lai (HAG), steelmaker Hoa Phat (HPG), Phu MyFertilisers (DPM) and financial conglomerate Ocean Group (OCG) allbottoming out – even with some supporting information about some ofthese shares reaching the market.
International creditratings agency Moody's on Mar. 16 gave Vietinbank a "stable" outlook,while Hoa Phat Group reported that it led the steel market last month,producing 60,000 tonnes and accounting for 15 percent of theconstruction steel segment.
Insurer Bao Viet Holdings(BVH) and food processor Kinh Do (KDC) bucked the overall downward trendand rose to their ceiling prices, while Sacombank (STB) claimed thespot as the most active share on the southern bourse with around 11million traded.
On the Hanoi Stock Exchange, theHNX-Index closed up 0.8 percent to 72.76 points. With trades totallingabout 1.1 trillion VND (52.4 million USD), however, the northern boursesaw a 25.7-percent decline in volume from the previous day's session.
Kim Long Securities Co (KLS) surpassed Habubank (HBB) to become themost-active share with 14.8 million exchanged. HBB and PetroVietnamConstruction Co (PVX) also surged to volumes in excess of 10 million,with all three stocks reaching their ceiling prices.
Foreign investors sold heavily in Hanoi but were net buyers in HCMCity. Approximately 500 million USD in foreign investment has beenpoured into the domestic stock market so far this year.-VNA
Shares in Hanoi extended the rally from theprevious day, albeit at a slower rate, but HCM City stocks lostground in the final minutes of morning trading and then continued toslip until the end of the afternoon session.
On the HCMStock Exchange, the VN-Index closed off by 0.75 percent to 438.52points. The VN30 Index, which tracks the exchange's 30 top stocks,declined by an even more substantial 1.2 percent to end the day at496.87 points.
The value of trades reached about 1.84 trillion VND (87.6 million USD) on a volume of 113.6 million shares.
Major blue chips retreated, with Vietinbank (CTG), real estatedeveloper Hoang Anh Gia Lai (HAG), steelmaker Hoa Phat (HPG), Phu MyFertilisers (DPM) and financial conglomerate Ocean Group (OCG) allbottoming out – even with some supporting information about some ofthese shares reaching the market.
International creditratings agency Moody's on Mar. 16 gave Vietinbank a "stable" outlook,while Hoa Phat Group reported that it led the steel market last month,producing 60,000 tonnes and accounting for 15 percent of theconstruction steel segment.
Insurer Bao Viet Holdings(BVH) and food processor Kinh Do (KDC) bucked the overall downward trendand rose to their ceiling prices, while Sacombank (STB) claimed thespot as the most active share on the southern bourse with around 11million traded.
On the Hanoi Stock Exchange, theHNX-Index closed up 0.8 percent to 72.76 points. With trades totallingabout 1.1 trillion VND (52.4 million USD), however, the northern boursesaw a 25.7-percent decline in volume from the previous day's session.
Kim Long Securities Co (KLS) surpassed Habubank (HBB) to become themost-active share with 14.8 million exchanged. HBB and PetroVietnamConstruction Co (PVX) also surged to volumes in excess of 10 million,with all three stocks reaching their ceiling prices.
Foreign investors sold heavily in Hanoi but were net buyers in HCMCity. Approximately 500 million USD in foreign investment has beenpoured into the domestic stock market so far this year.-VNA
