HNX halts long slide

Stocks on the northern bourse sunk into the red almost throughout the session, but surprisingly climbed in the last 15 minutes.

Leading stocks rushed to turn within this period. Leading stocks VNDirect Securities (VND), Bao Viet Securities (BVS), Saigon-Hanoi Securities (SHS), Kim Long Securities (KLS), Vietnam Construction and Import-Export (VCG) all ended higher. Saigon Commercial Real Estate (SCR) even hit the ceiling.

Habubank (HBB), Saigon-Hanoi Bank (SHB) and Asia Commercial Bank (ACB) rose bank to opening prices.

The rise of leading stocks helped the HNX-Index closed at 73.66 points, slightly up 0.05 points or 0.07 per cent. Decliners reduced to 164 stocks, compared with 80 up and 155 unchanged.

Liquidity also improved on the bourse to 51.6 million shares worth VND502.1 billion ($24.3 million).

Meanwhile, selling pressures still weighed on the market. Bidding for shares was ordered at large volumes throughout the electronic board, totally overwhelming a weak demand.

Key pillar stocks continued sinking dragging down Ho Chi Minh Stock Exchange (HoSE). PVGas (GAS), Vietcombank (VCB) and Bao Viet Holdings (BVH) sharply fell 4-5 per cent each.

However, foreigners increasingly bought into these major stocks in recent sessions, with more than 800,000 GAS shares bought today.

The benchmark VN-Index lost 9.83 points or 2.25 per cent, closing at 426.92 points. Red covered the market with 224 stocks off, and just 42 advancing.

Speculating stocks had not stopped their free-fall. Real estate ones Vietnam Electricity Construction (VNE), PetroVietnam-Idico Long Son Industrial Park Investment (PXL), International Development and Investment Corp. (IDI) along with mineral stocks massively hit the floor on big bidding volumes.

HoSE’s liquidity reduced to 58 million shares worth VND949.6 billion ($45.9 million).