Blue-chips thrown to the floor

March 16, 2012 | 16:34

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Blue-chips were suddenly sold out on Ho Chi Minh Stock Exchange (HoSE) within just 15 minutes of the session’s end, sharply dragging down the market.

The VN-Index suddenly dropped more than 6 points from 446 points to end at 438.52 points, down 3.33 points against previous session.

More than 20 million shares worth VND400 billion ($19.3 million) were sold within that 15 minutes, mainly large-cap stocks.

Blue-chips Masan Group (MSN), Hoa Phat Group (HPG), PetroVietnam Fertilisers (DPM), PetroVietnam Drilling and Well Services (PVD) massively hitting the floor. Real estate blue-chips Ocean Group (OGC), Song Da Urban & Industrial Zone Investment and Development (SJS), Hoang Anh Gia Lai (HAG), Kinhbac City Development Share Holding Corp. (KBC) and banking blue-chips Vietinbank (CTG) and Vietcombank (VCB) hitting the floor as well.

Other large-cap stocks like Phu Nhuan Jewelry (PNJ) and Vinamilk (VNM) also sunk in red. The benchmark measuring blue-chips VN30 lost 5.95 points or 1.18 per cent to 496.87 points.

Many local investors believed that foreign funds had restructured portfolios and sold out these blue-chips.

Sacombank (STB) continued being supported by foreigners. More than 9.6 million units of the stock were purchased by foreigners today, while total matching volume of the stock at 11.1 million shares. The stock jumped 3.43 per cent to end at VND24,100.

Overall, some 138 stocks advanced and 103 declined, while 70 ended flat on the northern bourse. Total trading volume reached 113.7 million shares, with value soaring to as high as VND1.85 trillion ($89.2 million).

Whereas local investors continued aggressively purchasing speculative stocks on the Hanoi Stock Exchange (HNX). The HNX-Index added 0.57 points or 0.79 per cent to end at 72.76 points.

Meanwhile, foreigners also boosted their selling here. Kim Long Securities (KLS), PetroVietnam Construction (PVX), Vietnam Construction and Import-Export (VCG) were sold the most.

Leading speculative stocks saw big volumes changing hands. Kim Long Securities (KLS) had up to 15 million shares matched, Habubank (HBB) 11 million shares, PetroVietnam Construction (PVX) 10.5 million shares while Saigon-Hanoi Bank (SHB), Vietnam Construction and Import-Export (VCG), Hanoi Investment General Corp. (SHN) and Sacomreal (SCR) having 4-7 million shares matched each.

Up to 231 stocks were up on the HNX with 90 hit the ceiling, compared with 110 declining and 121 unchanged. Liquidity kept strong at 113.8 million shares worth VND1.12 trillion ($54.2 million).