HA NOI — HCM City's VN-Index saw falls for the second consecutive day yesterday with 1.51 per cent wiped off the market on the back of plunging property stocks.
The index closed at 464.35 points.
Blue chip property stocks were the biggest losers in the day's trading with shares in resort developer Vinpearlland (VPL) down 4.5 per cent to VND64,000 and those in property developer Vincom (VIC) dropping 4.8 per cent to VND118,000.
Hoang Anh Gia Lai (HAG) shares finished 4.9 per cent lower at VND38,700.
Other property stocks seeing losses included Hud3 Investment and Construction Co (HU3) which was down 5 per cent, Song Da Urban&Industrial Zone Investment and Development Co (SJS) losing 4.8 per cent, and the Transport Engineering Construction&Business Investment Co No584 (NTB) dropping 4.1 per cent.
PetroVietnam Idico Long Son Industrial Park Investment Co (PXL) were down a more modest 3.6 per cent.
VNDirect Securities' analysts blamed the falls on a stagnant real estate market and said they would have a significant impact on market development as they accounted for substantial part in the VN-Index's calculation.
Meanwhile, trading could remain sluggish if there was no positive news on the macroeconomic front, they said, adding the gloomy market conditions were far from over.
"As a result, capital disbursement should focus on high-portfolio stocks or investors should hold onto their cash," said the analysts.
Trading volume yesterday was also poor with only 24.1 million shares changing hands, their total value being VND483.2 billion (US$23 million).
Among the 10 largest cap stocks, dairy producer Vinamilk (VNM) managed gains of 2.7 per cent yesterday.
Vietcombank (VCB) also continued its upwards move, surging 4.7 per cent thanks to a 60 per cent year-on-year increase in its net profit in the first quarter.
The UK Financial Times reported that Credit Suisse would be the bank's consultant when it came to selling 20 per cent stakes to foreign partners.
But securities analysts said the VCB rally would end soon and its impact on the VN-Index wouldn't be as significant as that of MSN or insurer Bao Viet Holdings (BVH).
Saigon Securities Inc (SSI) was the most active share with nearly 1.1 million shares sold, and up 2 per cent to VND19,400.
In Ha Noi, the HNX-Index closed down (1.75 per cent) for the sixth day to close at 79.56 points.
The total trade volume was 24.9 million shares with a value of VND301.1 billion ($14.3 million). Coffee exporter Thai Hoa Viet Nam Group (THV) was the prime mover with 2.1 million shares changing hands. — VNS
The index closed at 464.35 points.
Blue chip property stocks were the biggest losers in the day's trading with shares in resort developer Vinpearlland (VPL) down 4.5 per cent to VND64,000 and those in property developer Vincom (VIC) dropping 4.8 per cent to VND118,000.
Hoang Anh Gia Lai (HAG) shares finished 4.9 per cent lower at VND38,700.
Other property stocks seeing losses included Hud3 Investment and Construction Co (HU3) which was down 5 per cent, Song Da Urban&Industrial Zone Investment and Development Co (SJS) losing 4.8 per cent, and the Transport Engineering Construction&Business Investment Co No584 (NTB) dropping 4.1 per cent.
PetroVietnam Idico Long Son Industrial Park Investment Co (PXL) were down a more modest 3.6 per cent.
VNDirect Securities' analysts blamed the falls on a stagnant real estate market and said they would have a significant impact on market development as they accounted for substantial part in the VN-Index's calculation.
Meanwhile, trading could remain sluggish if there was no positive news on the macroeconomic front, they said, adding the gloomy market conditions were far from over.
"As a result, capital disbursement should focus on high-portfolio stocks or investors should hold onto their cash," said the analysts.
Trading volume yesterday was also poor with only 24.1 million shares changing hands, their total value being VND483.2 billion (US$23 million).
Among the 10 largest cap stocks, dairy producer Vinamilk (VNM) managed gains of 2.7 per cent yesterday.
Vietcombank (VCB) also continued its upwards move, surging 4.7 per cent thanks to a 60 per cent year-on-year increase in its net profit in the first quarter.
The UK Financial Times reported that Credit Suisse would be the bank's consultant when it came to selling 20 per cent stakes to foreign partners.
But securities analysts said the VCB rally would end soon and its impact on the VN-Index wouldn't be as significant as that of MSN or insurer Bao Viet Holdings (BVH).
Saigon Securities Inc (SSI) was the most active share with nearly 1.1 million shares sold, and up 2 per cent to VND19,400.
In Ha Noi, the HNX-Index closed down (1.75 per cent) for the sixth day to close at 79.56 points.
The total trade volume was 24.9 million shares with a value of VND301.1 billion ($14.3 million). Coffee exporter Thai Hoa Viet Nam Group (THV) was the prime mover with 2.1 million shares changing hands. — VNS
