 Finance, property shares dominate market
VNS - 9/2/2010 9:15:00 AM
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On the two national stock exchanges, the twenty largest shares by value, and those which greatly influence domestic stock indices, are mostly financial and real estate shares.The VN-Index and HNX-Index are calculated based on market value of all listed stocks, so changes in the leading shares by value – market price multiplied by the number of listed shares – most affect the indices.On the HCM City Stock Exchange, the 20 largest shares by value accounted for more than 60 per cent of the bourse's total value, based on closing prices on Monday.Of these stocks, seven were financial shares, including insurer Bao Viet Holdings (BVH ), the Masan Group (MSN), Sacombank (STB), Eximbank (EIB), PetroVietnam Finance (PVF), Saigon Securities Inc (SSI) and Vietcombank (VCB).Another six were property shares, including Vincom Co (VIC), Hoang Anh Gia Lai Co (HAG), Kinh Bac City Development Corp (KBC), Ocean Group (OGC), Tan Tao Investment Industry Corp (ITA) and Song Da Urban and Industrial Zone Investment and Development (SJS).The four most heavily-capitalised shares, accounting for nearly 24 per cent of total market value, include Vinamilk (VNM), BVH, VIC and MSN, each of which have low liquidity and therefore do not affect indices heavily. These shares are usually traded at volumes below 100,000 units per session and are bought mostly by foreign investors.Shares with high liquidity, such as STB, SSI, EIB, and OGC – all financials and each seeing trades in excess of a million shares per session – have a much heavier impact on market development and can affect trading in other shares.On the Ha Noi Stock Exchange, the 20 leading shares by value accounted for 55.8 per cent of total market value last Monday, with Asia Commercial Bank (ACB) alone making up 18.8 per cent of trades.Of the 20 leading shares on the northern bourse, most were also property and financials shares, including construction giant Vinaconex (VCG), PetroVietnam Construction (PVX), Sai Gon-Ha Noi Bank (SHB), PetroVietnam Insurance (PVI), Kim Long Securities (KLS), and VNDirect Securities (VND).
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