National stocks reversed a two-day rally to sink into the red during yesterday’s session, following Viet Nam Electricity’s announcement that electricity rates would rise.
Bao Viet Securities analyst Pham Van Khoa described the market’s two-day rally as “unnatural”, and added that the increasing electricity rate showed the market’s vulnerability.
Meanwhile, VietCapital Securities analysts were convinced the adjusted rate would make next month’s inflation rise by 0.12 per cent, lower than this month’s rate for Ha Noi released yesterday, which climbed 0.61 per cent against November.
The annual inflation rate in the capital jumped nearly 18 per cent compared to last year and doubled the rate of last year compared to 2009.
On the HCM Stock Exchange, the VN-Index dropped 0.5 per cent to 365.67 points and less than one-fifth of listed stocks gained value.
Selling pressure made the value and volume of trades rise by around 22 per cent over Monday’s level, totalling VND746.8 billion (US$ 35.2 million) and nearly 46.5 million shares.
Most blue chips lost ground, while only food processor Masan (MSN), Sacombank (STB), property developer Vincom (VIC) and Vinamilk (VNM) edged up between 0.5-1.1 per cent, but “the increase was not strong enough to help boost the market,” Khoa said.
With more than 1.4 million share changing hands, STB was also the most active code in the southern bourse, while the HNX-Index on the Ha Noi Stock Exchange retreated 1.4 per cent, closing yesterday’s trades at 59.33 points.