From heroes to villains for blue-chips

November 24, 2011 | 16:44

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Blue-chips dragged the market down Thursday, as yesterday’s market recovery made investors boost their selling.

The VN-Index of Ho Chi Minh Stock Exchange (HoSE) lost 6.79 points or 1.75 per cent to 381.78 points.
The nation’s consumer price index was announced this morning to rise just 0.39 per cent against last month and 17.5 per cent this year, but could not relieve market’s sentiment given several factors such as exchange-rate hikes and financial institutions’ bad debts.

While buyers remained hesitant to cash in, sellers suddenly boosted bailing out.

More than half the market sunk into the red, with 171 stocks off and just 59 up on the HoSE.

Vincom Corp (VIC) hit the ceiling, while Vinpearl Tourism and Trading (VPL) sharply fell 4 per cent. Bao Viet Holdings (BVH) and Vinamilk (VNM) both lost nearly 3 per cent each. Banking stocks Sacombank (STB) and Military Bank (MBB) strongly dropped after rallying in previous sessions. Saigon Securities Inc. (SSI) modestly shed, Vietcombank (VCB) was unchanged while Eximbank (EIB) climbed.

Sacombank Securities (SBS) hit the floor after hitting the ceiling continuously in preceding trading days.

In contrast, several speculative stocks turned head to rise, among them Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC) was up 3.17 per cent and Thuan Thao Corp. (GTT) adding 1.54 per cent. Some real-estate stocks also significantly advanced, including Cotec Investment and Land-House Development (CLG), Cotec Construction (CTD), Tu Liem Urban Development (NTL).

Liquidity kept low on weak demand for shares. Some 29 million shares worth VND439.2 billion ($21.2 million) changed hands. Put-through volume was still high at 9.4 million units worth VND157.3 billion ($7.6 million), among them 7.5 million STB shares were negotiated today.

In line with HoSE’s fall, the HNX-Index of the Hanoi Stock Exchange (HNX) dropped 0.83 points or 1.34 per cent to close at 61.27 points, after securities company stocks and banking stocks sunk into the red.

Some 171 stocks lost, compared with 62 up and 160 ending flat. Total volume stood at 19.4 million shares, worth VND175.8 billion ($8.5 million), on the northern bourse.