Business

Trades slow despite easing inflation

Shares posted modest gains on the HCM Stock Exchange on Oct. 24 but lost ground in Hanoi despite opening in positive territory.
Shares posted modest gains on the HCM Stock Exchange on Oct. 24 but lost ground in Hanoi despite opening in positive territory.

Global stocks failed to rebound strongly, as France and Germany stillstruggled to raise bailout funds and the US Federal Reserve released itsso-called Beige Book, showing "weaker or less certain outlooks forbusiness conditions" in the US.

On the HCM Stock Exchange, theVN-Index closed just 0.83 percent higher to 414.46 points, while thevalue of trades dropped 36.7 percent from the previous session on Oct.21to just 346.8 billion VND (16.6 million USD). Volume totalled a mere21.5 million shares.

The index was mainly lifted by advances inthe shares of Eximbank (EIB) and food processor Masan (MSN), both ofwhich hit their ceiling prices. Three other blue chips, including realestate developer Vincom (VIC), PetroVietnam Finance (PVF) and insurerBao Viet Holdings (BVH), also gained 1.1-2.4 percent.

Real estatecompany Hoang Quan (HQC) was the most-active share with 1.3 millionchanging hands, but HQC declined by 2.9 percent to 10,200 VND per share.

SongDa Urban and Industrial Zone Investment Co (SJS) also dropped to itsfloor price of 24,800 VND per share, following headlines that theGovernment Inspectorate had required the company to halt its Nam AnKhanh project in western Hanoi due to faults in the transfer of theproject.

On the Hanoi Stock Exchange on Oct. 24, the HNX-Indexretreated 1 percent from Oct. 21’s close to conclude the session at68.43 points. The volume of trades totalled 27.7 million shares, aplunge of 30.8 percent, while the value of trades reached only 270.7billion VND (13 million USD).

Kim Long Securities Co (KLS) sawthe highest volume nationwide, with 3.9 million shares traded. It closedunchanged from Oct. 21 at 10,300 VND per share.

Foreigninvestors were net buyers in Hanoi by a margin of 11.4 billionVND(545,500 USD), favouring shares of PetroVietnam's subsidiaries, whilethey were net sellers in HCM City, unloading 1 billion VND (47,850 USD)worth of shares./.
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