Liquidity remains on its knees

September 26, 2012 | 17:00

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A number of large-cap stocks drove the market slightly up again Wednesday, but liquidity remained weak.

Ho Chi Minh Stock Exchange’s (HoSE) VN-Index ended up 3.35 points, or 0.86 per cent to 395.12 points.

Hanoi Stock Exchange’s (HNX) HNX-Index also turned head to add 0.07 points or 0.12 per cent.

The rising trend expanded to both bourses. Advancers nearly doubled decliners 142 to 76 on HoSE, while HNX witnessed advancers outrunning decliners 135 to 54.

But the rise did not reflect an improvement in investors’ sentiment, as liquidity remained very weak. Matching values of two bourses totaled VND470 billion ($22.7 million) today.

Put-through values also fell, accounting for HoSE’s liquidity of 23.8 million shares worth VND390.5 billion ($18.9 million). HNX’s liquidity was of 21.4 million shares worth VND149.7 billion ($7.2 million).

Blue-chip Vinamilk (VNM) jumped 2.65 per cent to VND116,000. Vincom Group (VIC) strongly rose 3.73 per cent to VND83,500. Bao Viet Holdings (BVH) gained 3.83 per cent.

Financial large-cap stocks largely ended up with modest gains, with Saigon Securities Inc. (SSI) up 1.21 per cent, Vietcombank (VCB) 0.8 per cent, Military Bank (MBB) 0.75 per cent while Ho Chi Minh City Securities (HCM) jumping 3.39 per cent.

Real estate stocks were significantly driven up, mainly low-price stocks. Vietnam Electricity Construction (VNE) and Khang Dien House Trading and Investment (KDH) hit the ceiling. DIC Investment and Trading (DIC), PetroVietnam-Idico Long Son Industrial Park Investment (PXL), Kinh Bac City Development Share Holding Corp. (KBC), Petro Capital Infrastructure Investment (PTL) sharply jumped some 4 per cent each.

PetroVietnam Construction (PVX), which is struggling with financial restructure, was also driven up to ceiling price today. The stock outperformed HNX with nearly 4 million shares matched.

Mineral stocks also largely turned head to rise, with Nari Hamico Minerals (KSS), Tay Bac Minerals Investment (KTB), Bac Giang Exploitable Mineral (BGM), Binh Dinh Minerals (BMC) jumping 3-4 per cent each.

HNX’s driving sentiment stocks like VNDirect Securities (VND), Kim Long Securities (KLS), Bao Viet Securities (BVS) largely ended up today, but with very slight gains of some 1-2 per cent each.