Shares retreat despite global gains

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VietnamPlus English - 32 month(s) ago 1 readings

The HCM Stock Exchange's benchmark VN-Index failed to sustain Oct. 10's gains and closed down 0.46 percent on Oct. 11 to 417.73 points.

The HCM Stock Exchange's benchmark VN-Index failed to sustain Oct. 10's gains and closed down 0.46 percent on Oct. 11 to 417.73 points.

Nearly half of all listed codes posted losses, although the value of trades rose by 24 percent over Monday's level to 443.94 billion VND (21.4 million USD), with 28.8 million shares changing hands.

Blue chips tumbled, with seven of the 10 leading shares by capitalisation slumping, and only software giant FPT and Phu My Fertilisers (DPM) seeing modest gains.

Becamex Infrastructure Co (IJC) was the most-active share, with 2.1 million traded, but it lost 4.1 percent to conclude at the session at 11,600 VND pershare.

The HCM City market performed weakly despite strong global markets in the wake of an apparent resolution of European debt issues, with leaders of the two leading European economies, Germany and France , pledging to bail out struggling banks.

Things were a bit more optimistic on the Hanoi Stock Exchange, where the HNX-Index closed up 0.67 percent to 70.93 points despite scant trading. The value of trades inched up only 2 percent over the previous session to 252.5 billion VND (12.2 billion USD) on a volume of 25.1 million shares.

"Demand was weak, with buy orders mostly placed below reference prices, while sellers are no longer accepting low prices," said Tan Viet Securities Co analysts.

Sai Gon-Hanoi Bank (SHB) was the most-active share on the northern bourse, with nearly 2.1 million traded. SHB hit its ceiling price of 7,900 VND per share.

Foreign investors were sellers on both bourses, unloading a combined net of 12 billion VND (579,700 USD) worth of shares. /.

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