Bourse parachute yet to be popped

Recent brighter macroeconomic news did not stop the trend and State Bank governor said that the body would revise the base interest rate, also directing local lenders to support enterprises.

Meanwhile, signs of a slowed economy weighed heavily on the market, including growing unemployment, bankruptcy or suspended enterprises and negative credit growth.

The VN-Index of Ho Chi Minh Stock Exchange (HoSE) strongly dropped 2.5 per cent 11.19 points to 436.75 points.

New key pillar stock PVGas (GAS) also lost rising momentum. GAS hit the floor today to VND40,900 with more than one million shares matched. Foreigners purchased 720,000 stocks today. Vietcombank (VCB) also hit the floor.

Pillar Bao Viet Holdings (BVH) sharply fell 3.64 per cent.

Red again covered the market. Some 227 stocks were off overwhelming 38 up. Investors dumped speculative shares again. Real estate speculative stocks Sao Mai Construction Corp. (ASM), PetroVietnam Transportation Corp. (PVT), Becamex Infrastructure Development (IJC), Vietnam Electricity Construction (VNE), PetroVietnam-Idico Long Son Industrial Park Investment (PXL) largely hit the floor.

Just some blue-chips like Phu Nhuan Jewelry (PNJ), PetroVietnam Drilling and Well Services (PVD) and Song Da Urban & Industrial Zone Investment and Development (SJS) ended up. The remainders largely fell.

Hanoibourse’ speculative stocks saw sharp falls today. Securities company shares Kim Long Securities (KLS), VNDirect Securities (VND), Saigon-Hanoi Securities (SHS), Au Viet Securities (AVS), Asia-Pacific Securities (APS) massively hit the floor. Saigon-Hanoi Bank and Habubank (HBB) both dropped more than 5 per cent each.

PetroVietnam-family stocks PetroVietnam Technical Services Corp. (PVS), PetroVietnam Power Land (PVL), PVI Investment and Development (PV2), PetroVietnam-Nghe An Construction (PVA) also sharply fell.

The HNX-Index sunk as much as 3.4 per cent or 2.6 points to 73.61 points, after 248 stocks off and just 39 up here.

With worse market signs, liquidity shed further on both bourses. HoSE’s liquidity was 66 million shares worth VND1.12 trillion ($53.9 million). The HNX fell to 55.3 million shares worth VND570 billion ($27.5 million).