Stock market likely to end 2010 below 500 points
By Thuy Trieu – The Saigon Times Daily
The VN-Index inched up 2.65 points, or 0.55%, to end at 481.4 on Thursday after slightly falling in the previous session. The index started the year at 494.77 points, and as of Thursday, it had fallen 2.7%.
Liquidity on the southern bourse on Thursday did not change much despite shrinking demand and supply.
Investors bid for 74 million shares, decreasing 9% from a session earlier, and sold 81.4 million shares, down 22.1%. The southern bourse saw total trading volume of 57 million shares worth VND1.48 trillion, of which one-third was traded via put-through transactions.
Blue-chips like PVF, VIC, BVH, VCB, DAG, PVD supported the rise of the VN-Index. The market saw 88 stocks increasing and 121 others falling, including seven stocks rising to the ceiling prices and eight falling to the floor prices. Up to 71 stocks traded flat, proving caution among investors.
Financial stocks ran to the forefront in terms of liquidity. Sacombank (STB) was the most traded stock with 3.3 million shares changing hands while Saigon Securities Inc. (SSI) saw 1.5 million shares traded.
After two net selling sessions, foreign investors became net buyers on Thursday on the HCMC bourse. They bought 5.57 million shares worth VND229 billion and sold 3.77 million shares worth VND172 billion.
On the northern market, the HNX-Index closed the day down 0.29 point to 112.64. The market saw 89 stocks increasing and 225 others falling. Investors traded 41 million shares on the bourse with total trading value of VND833.4 billion.
APEC Securities Co. commented the strategy of buying at low prices and selling at high prices became the dominant force on the bourse so both buyers and sellers were very cautious. The stock broker expected the market would continue moving in narrow range in coming sessions.
Vietnam International Securities Co. said that if there was no bad news strongly impacting on the stock market on Friday, the VN-Index would move around the 480-point level in the last session of 2010.
Having the same view, Beta Securities Co. said the market would move within 470-497 in the coming time. Meanwhile, Viet Capital Securities Co. said that until official announcements are made by Vinashin and its creditors, investors will remain cautious.
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