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Shares plunge on both exchanges   2011-01-05 - VNS

Shares plunged today on both of Viet Nam's stock markets as high inflation plagued the markets.

On the HCM City Stock Exchange, the VN-Index declined 0.84 per cent to close at 481.91, as decliners outnumbered advancers five fold.

Market volume and value improved with 40.6 million shares worth VND1 trillion (US$47.6 million) being traded, an increase of 37 per cent in volume and 34 per cent in value.

Few blue chips posted gains, including Kinh Bac City Development (KBC) that rose 2.1 per cent, Bao Viet Holdings (BVH) was up by 1.5 per cent and PetroVietnam Finance (PVF) increased by 0.8 per cent.

Saigon Securities Inc (SSI) became the most active stock with more than 2.4 million shares changing hands, but it dropped by 2.8 per cent to close at VND31,300 ($1.49) per share.

Analysts with Viet Star Securities Co said buyers were cautious about high inflation during the month heading into the Lunar New Year. Sellers also did not want to sell at low prices due to positive economic forecasts that are predicting growth in the coming months.

On the Ha Noi Stock Exchange, the HNX-Index fell by 1.98 per cent over yesterday's value to finish at 111.16.

The volume of today's trade rose 24 per cent to 28.6 million shares, worth almost VND550.3 billion ($26.2 million).

Losers outnumbered gainers 234-56.

No share among the 10 largest capitalised stocks gained.

With 2.9 million shares changing hands, Ha Noi Housing Bank (HBB) was the most active stock nationwide. HBB declined 2.6 per cent to close at VND11,300 ($0.54) today.

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