Investors keep track of stock movements at a trading platform of Maybank KimEng Securities Co in HCM City (Photo: VNA) Hanoi (VNA) - Shares continued last week’s decline on December 5 on thetwo national stock exchanges as traders continued to sell riskier assets onfears of a further decline on the back of untamed selling by foreign traders.
Thebenchmark VN-Index, a measure of 319 stocks on the HCM Stock Exchange, edgeddown 0.74 percent to close at 660.2 points. It slipped 1.6 percent last week.
Onthe Hanoi Stock Exchange, the HNX-Index tracking 375 stocks decreased 0.9 percentto stand at 80.5 points. The gauge decreased 0.2 percent in the previous week.
Overallmarket condition was negative, with 260 of total 691 stocks down while 157advanced. The other 277 stocks closed flat.
Large-capstocks were on the defensive with 17 of the top 30 largest shares by marketcapitalisation on the main bourse in HCM City losing value, and only 8 gaining.
Thebiggest oil listed stock PV Gas (GAS), PetroVietnam Drilling and Wells Service(PVD), Sacombank (STB), FLC Faros Construction Corp (ROS) and HCM CityInfrastructure Investment (CII) all slipped by more than 2 percent.
Biglenders such as Vietcombank (VCB), Vietinbank (CTG), Military Bank (MBB), BIDV(BID) decreased between 0.6 percent and 1.1 percent.
Thedb x-trackers FTSE Vietnam ETF late last week announced it was adding CII toits FTSE Vietnam Index in the last quarter of this year and removing fourstocks -- Sacombank (STB), Hoang Anh Gia Lai Agricultura (HNG), auto dealerHoang Huy Investment Services (HHS) and PetroVietNam Low Pressure GasDistribution (PGD).
Exceptfor HNG that increased marginally, other stocks tumbled.
Accordingto analysts at Investment Vietnam Securities Co, the market often experiencesdeclines in the last month of the year, but would unlikely fall further asshare prices are now at bargain level.
“Ifremoving the impact of ROS, the VN-Index was only around 630 points. Besides,the price-earnings ratio (P/E) of the Vietnamese stocks is now at just 15,lower than the peak of 16.5 in the past rally,” analysts wrote in a note.
Decliningliquidity in recent sessions indicated that selling pressure was reduced, theyadded.
Liquidityincreased with nearly 225 million shares worth a combined 3.6 trillion VND (158.6million USD) traded in the two markets, up 32.2 percent in volume and 11.5 percentin value compared to last week’s averages.
Foreigninvestors reduced their net sells to 21 billion VND on the two exchanges. Theywere responsible for a total net sell value of 685.5 billion VND last week.-VNA
VNA
