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Stock markets continue to slide

GBS - Shares continued the downtrend in the afternoon of July 5 with the VN-Index falling for a third straight day, down another 0.32 percent to settle the session at 485.66 points.

Blue chips lost their momentum. Only eight of the top 30 shares by market capitalisation and liquidity advanced while 10 declined and 12 closed flat.

The VN30 were up just 0.05 percent at 543.38 points.

Decreasing liquidity during recent sessions raised investor uncertainty.

Total value of trades on July 5 dropped another 25 percent from the previous session, reaching just 622 billion VND (29.6 million USD) on a volume of just 38.3 million shares.

Tan Tao Investment Industry Corp (ITA) became the most active stock on July 5 with 2 million shares changing hands at 6,700 VND a share.

According to many stock analysts, securities seemed to lose their shine for investors as cash flow was decreasing day by day.

However, finding a good alternative investment channel isn't easy, as low deposit rates made savings less attractive while the gold market is volatile on policy fears, said analysts.

Foreign investors returned as net buyers on the HCM City exchange, though for a modest net buy of just 11 billion VND (523,800 USD) worth of shares.

On the Hanoi Stock Exchange, growing uncertainty also pushed the HNX-Index down 0.6 percent to 62.69 points.

Trading improved, however, as market volume increased 35 percent over July 4 to nearly 28 million shares while the value of trades jumped 30 percent to 210.4 billion VND (10 million USD).

July 5 morning, the exchange announced shares in construction Song Da – Thang Long Co (STL) would be delisted from the northern bourse from July 26 because the company recorded negative equity of nearly 24 billion VND (1.14 million USD).

STL shares fell to the floor price of 3,100 VND a share from the ceiling price of 3,400 VND they hit on July 4.

Investment group FLC (FLC) was again the most active on the bourse, however, with 6.3 million shares exchanged at 6,300 VND per share, down 1.6 percent from a day earlier.

-VNA

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