Confidence continues to erode

Total volumes sharply fell to 21.8 million shares worth VND347.7 billion ($16.9 million) on the main Ho Chi Minh Stock Exchange (HoSE). Among them, put-through volume made up VND73.3 billion ($3.6 million).

Just two speculative stocks Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC) and Becamex Infrastructure Development (IJC) saw matching volumes hitting more than one million shares each. Volumes of other major stocks largely fell to as low as below 300,000 units. Foreigners also strongly reduced their buying to just 1.4 million shares, focusing on a few major stocks like Vietinbank (CTG), PetroVietnam Drilling and Well Services (PVD), FPT Corp. (FPT).

As the market increasingly dried out, just a few major stocks drove the market. Bao Viet Holdings (BVH) suddenly hit the ceiling today, supporting the benchmark VN-Index rising 1.2.65 points or 0.64 per cent to 414.75 points.

Other major stocks also rose, among them Vietinbank (CTG) sharply advancing 4.58 per cent, PVD and Song Da Urban & Industrial Zone Investment and Development (SJS) hitting the ceiling.

Hoang Anh Gia Lai (HAG) and Vinamilk (VNM) slightly added from a long downtrend.

Advancers outran decliners 116 to 109, while 78 stocks ended flat at the close.

The Hanoi Stock Exchange (HNX) ended lower, skidding 0.19 points or 0.28 per cent to 67.78 points. The fall was caused by several major stocks strongly losing, among them Ocean Hospitality and Service (OCH), Post & Telecommunication Joint Stock Insurance Corp (PTI) were sharply off more than 6 per cent.

The HNX’s fall was despite advancers strongly outrunning advancers 129 to 89. Driving stocks including securities company shares just slightly added.

Liquidity tumbled further to 21.3 million shares worth VND202.3 billion ($9.9 million). Among them, put-through volume made up 4.8 million shares worth VND40 billion ($1.9 million).