CPI data has investors on edge

The Hanoi Stock Exchange (HNX) ended off 0.87 points or 1.14 per cent to close at 75.41 points. The Ho Chi Minh Stock Exchange (HoSE) slightly added 0.12 points or 0.03 per cent to 450.85 points, after rising to nearly 456 points during the session.

Investors cautiously eyed April’s CPI to confirm the market trend, after March’s CPI was lower-than-expected despite a gasoline hike.

On the other hand, investors worry about the economy’s slowdown, as the gross domestic product growth rate for the first quarter was just 4 per cent.

Speculative stocks on the HNX were largely sold today. Securities company shares largely turned to fall. VNDirect Securities (VND) sunk 4.65 per cent, Kim Long Securities (KLS) 3.13 per cent, Bao Viet Securities (BVS) 4.97 per cent, while stocks from small-scale brokerages like Wall Street Securities (WSS) 4.29 per cent, Asia-Pacific Securities (APS), Au Viet Securities (AVS) also sharply off 4-6 per cent with large selling volumes.

Saigon-Hanoi Bank (SHB) and Habubank (HBB) both shed nearly 3 per cent each.

Large-cap stocks ended mixed on the HoSE. Military Bank (MBB) and Saigon Securities Inc. (SSI) fell while PetroVietnam Finance (PVF) significantly gained. Sacombank (STB) advanced 2.49 per cent to VND24,700.

Some speculative real-estate stocks kept quite strong gains, among them Ocean Group (OGC), Quoc Cuong Gia Lai (QCG), Song Da Urban & Industrial Zone Investment and Development (SJS). But Hoang Anh Gia Lai (HAG) and Vincom Corp. (VIC) both dropped.

Demand for shares focused on a number of low price speculative stocks, amidst a long-lasting market correction trend.

HNX’s PetroVietnam-family stocks largely gained. PetroVietnam-Nghe An Construction (PVA) jumped 5.83 per cent, PetroVietnam-Nghe An Investment & Trading (PXA) 3.92 per cent, PetroVietnam Power Land (PVL) was up 1.47 per cent, while Vinaconex-PVC Construction Investment (PVV) hit the ceiling.

HoSE’s Petro Capital Infrastructure Investment (PTL) and PetroVietnam General Services Corp. (PET) also climbed with large trading volumes. Some low-price real-estate stocks also significantly advanced.

Liquidity slightly improved. Some 87.7 million shares worth VND1.3 trillion ($63.5 million) changed hands on the HoSE. Liquidity stayed modest at 87.7 million shares worth VND868.4 billion ($41.9 million) on the HNX.