Lackluster day’s trading

June 13, 2012 | 13:49

(0) user say

Selling pressures accelerated Tuesday with both benchmarks falling into negative territory.

Ho Chi Minh Stock Exchange’s (HoSE) VN-Index lost 4.34 points or 1 per cent to 428.16 points, while Hanoi Stock Exchange’s (HNX) HNX-Index fell 1.2 points or 1.58 per cent to 74.6 points.

Decliners strongly increased today. Some 208 stocks ended off on the southern bourse, while just 41 ended up and 59 unchanged.

Also, half the Hanoi bourse lost with 203 stocks off and 61 advancing.

Selling pressures focused on speculative small-cap and mid-cap stocks.

PetroVietnam Transportation Corp. (PVT), Urban Development and Construction Corp. (UDC), Transport Engineering Construction & Business Investment JSC 584 (NTB) all hit the ceiling, while other speculative real estate stocks also plunging 3-4 per cent each. Kinh Bac City Development Share Holding Corp. (KBC) and major stocks in the sector also sharply fell.

Mineral stocks fell strongly today, with Nari Hamico Minerals (KSS) off 2.94 per cent, Tay Bac Minerals Investment (KTB) 3.96 per cent, Lao Cai Mineral Exploitation & Processing (LCM) 2.88 per cent and Bac Giang Exploitable Mineral (BGM) hitting the floor. Binh Thuan Mineral Industry (KSA) still increased.

Rubber stocks Southern Rubber Industry (CSM), Danang Rubber (DRC) were also among the stocks losing the most today.

HNX’s cheap speculative stocks like Hanoi Investment General Corp. (SHN), Thai Hoa Vietnam Group (THV) also strongly dropped on selling pressures. Even leading stocks like VNDirect Securities (VND), PetroVietnam Construction (PVX), Vietnam Construction and Import-Export (VCG) also ended off.

Large-cap stocks and banking stocks modestly shed. Masan Group (MSN) and Vinamilk (VNM) ended flat. Sacombank (STB) and Vietcombank (VCB) slipped less than 1 per cent each, Eximbank (EIB) was unchanged while Military Bank (MBB) significantly dropped 2.05 per cent. Vietinbank (CTG) still gained today with support from foreigners.

Liquidity reduced on investors’ cautious sentiment. Trading value reached VND834.4 billion ($40.3 million) with 57 million shares changed hands on the HoSE. The figure was of VND458 billion ($22.1 million) on HNX, with 43 million units traded.