Early bird catches the worm

Trading volume of the two banking shares Vietcombank (VCB) and Sacombank (STB) more than doubled to 2.2 million and 2.1 million respectively on the Ho Chi Minh Stock Exchange (HoSE) today.

On the Hanoi Stock Exchange (HNX), Habubank (HBB) outperformed with 2.4 million shares changing hands, followed by VnDirect Securities with 2.3 million units.

Some other major stocks were quite active, among them coffee exporter Thai Hoa Vietnam Group JSC (THV) saw 2.3 million shares traded, PetroVietnam Construction JSC (PVX) 1.5 million units and PetroVietnam Southern Gas (PGS) 1.1 million units.

Liquidity significantly increased on the HoSE to 28.5 million shares, worth VND537.5 billion ($25.97 million). It even rose more strongly on HNX to 28.67 million shares worth VND347.63 billion ($16.79 million).

However, the benchmark VN-Index even fall down more strongly against yesterday as it lost as high as 9.44 points, or 2.03 per cent, to 454.91 points. All the three pillars Masan Group (MSN), Vincom Corp. (VIC) and Bao Viet Holding (BVH) hit the ceiling or nearly hit the ceiling.

Vinpearl Tourism and Trading JSC (VPL) and Hoang Anh Gia Lai (HAG) were among the losers.

Meanwhile, Vinamilk (VNM) and PetroVietnam Drilling (PVD) continued to jump. Some 159 stocks declined on HoSE, three-times higher than 57 gained.

VCB reduced its rising momentum of the last two sessions, ending just 3.24 per cent higher as a number of investors locked profit.

The central bank raised the interest rate it charges on open market operation yesterday afternoon to 15 per cent, up from 14 per cent, given inflation continued to climb. The central bank’s move to tightening policies was expected to lessen further the flows on stock market.

“With that pressure from the central bank, cash will hard to flow into stock market in upcoming time,” said Vietcombank Securities.

The HNX declined for the seventh straight session, down 0.7 points or 0.88 per cent to 78.68 points. VnDirect Securities and BaoViet Securities (BVS) slightly gained.