With little investor interest, the local market largely moved sideways again on Tuesday while liquidity failed to make any improvement. The VN-Index inched up 1.4 points, or 0.36%, from the day earlier to close at 391.77 due to some help from GAS and VNM.
The market opened several points higher and then hit the daily high of 394.06 points before dropping back again by the end of the morning session. In the afternoon, the market traded in a narrow range and closed just above Monday?s close.
Liquidity on the Hochiminh Stock Exchange remained pitiful even with a VND86 billion block trade of VIC. Ending the day, there were only 23.9 million shares worth VND442 billion traded, which was similar to Monday?s levels.
There were 93 advancers but the number of decliners was bigger, at 111. The stocks that went up to the ceiling prices numbered 27 while 41 stocks dropped to the floor prices.
Eximbank (EIB) continued to take the lead in terms of liquidity, rising 2% from the day earlier to VND14,800 per share with two million shares changing hands. Tan Tao Investment Industry Corporation (ITA), the second most actively traded stock, dropped 4.3% to VND4,400 on a volume of 994,000 shares.
Foreigners stayed on the selling side for the second day, offloading VND57.7 billion worth of shares. They accounted for 15% and 28.5% of the market?s buying and selling value respectively.
The Hanoi market dropped for the second straight session while turnover fell to VND137 billion. The HNX-Index lost 0.24 point, or 0.43%, against the previous session and ended the day at 56.22.
Only 58 stocks gained while 112 others lost, including 19 stocks going up to the ceiling prices and 34 stocks dropping to the floor prices. Foreigners accounted for 4.6% of the buying value and 4.9% of the selling value.
HCMC Securities Corp. (HSC) said the markets are drifting sideways for now but with a slight downwards bias.
Domestic trading volumes have been puffed up by some large put-through transactions in recent weeks, which means that normal market trading has dropped to levels not seen since this time last year, HSC commented.
?Underlying sentiment then is quite bearish and stocks are seen as cheap but for now there appears to be no compelling reason to buy them. This reflects the overall macroeconomic picture where despite the fact that we seem to be at the bottom of the cycle, a sputtering credit function means that hopes for a recovery have been postponed,? it added.
The Saigon Times Daily
Source: http://www.saigonmoney.com/2012/09/26/stock-trade-stagnant/
Torrey Smith Brother fiona apple awkward awkward chase CJ Spiller tracy morgan
No comments:
Post a Comment