Market blow softened

December 23, 2011 | 17:00

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The stock market continued the yesterday’s strong downward momentum Friday, but slightly recovering at the session close.

Ho Chi Minh Stock Exchange’s (HoSE) VN-Index sunk to its deepest point of less than 350 points at around 10:00am, with a strong selling pressures. Most real estate stocks were strongly sold out at this time while securities company shares were bailed out as well on the Hanoi Stock Exchange (HNX).

The VN-Index bounded back afterwards thanks to increasing demand for shares at some stocks. The benchmark ended at 356.21 points, down 4.16 points or 1.15 per cent against previous session.

Some banking stocks recovered back to the opening price. Vietinbank (CTG) ended up 1.22 per cent, Eximbank (EIB) adding 0.72 per cent while Sacombank (STB) coming back to its opening price. STB outperformed the market with up to 2.2 million shares matched.

Of the positive stocks, Refrigeration Electrical Engineering Corp. (REE) also advanced modestly with more than 700,000 units matched. Sacom Development and Investment Corp. (SAM) also rose 2.27 per cent.

Notably, the real estate blue-chip Song Da Urban & Industrial Zone Investment and Development (SJS) strongly jumped at the session’s end thank to a sudden demand power.

In line with HoSE’s recovery, the HNX also reduced its dipping momentum in the session’s ending. Vietnam Construction and Import-Export (VCG) gained 3.33 per cent with more than 1.5 million shares matched. Banking stocks Habubank (HBB) ended up while Asia Commercial Bank (ACB) flat.

The HNX-Index shed 0.42 points or 0.72 per cent to close at 58 points.

The market’s continuing falls in recent sessions were believed as caused by fears of inflation accelerating back and increasing concerns about brokerage firms’ insolvency.

Decliners still made up half the market on both bourses. Some 153 stocks gave back on HoSE, compared with 86 up and 68 unchanged. The figures were of 167, 68 and 158 on the HNX.

Liquidity declined back to a low level. Total volumes reached 29 million shares worth VND398.8 billion ($19.3 million) on the southern bourse. Meanwhile, some 25 million shares worth VND200 billion ($9.7 million) were changed hand on the northern bourse.