Market continues to drag its feet

November 30, 2011 | 16:36

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The stock market fell further Wednesday on investors’ continuing negative sentiment.

The Ho Chi Minh Stock Exchange’s (HoSE) VN-Index lost 2.21 points or 0.58 per cent to close at 380.69 points. Also, Hanoi Stock Exchange’s (HNX) HNX-Index was off 0.91 points or 1.5 per cent to 60.47 points.

The market’s fall was despite some recent positive news, including inflation slowing and the prime minister’s statement about possible measures to support the market.

Liquidity remained very weak with total matching value of the two bourses keeping below VND500 billion ($24.1 million) today.

“Perhaps investors’ confidence cannot been encouraged until the statement [of the PM] is realised,” said Vietcombank Securities.

Half of the main bourse HoSE fell, namely 149 stocks off and 63 up. Producing stocks Vinacafé Bien Hoa (VCF) and Hoa Binh Rubber (HRC) led the losers, both hitting the floor. Vietinbank (CTG) also hit the floor.

Major stocks kept largely falling but some what slowing down the falling momentum. Saigon Securities Inc. (SSI) and PetroVietnam Finance (PVF) modestly lost some 1 per cent each. Sacombank (STB), Vietcombank (VCB) even ended higher.

Some 26.2 million shares worth VND386.3 billion ($18.7 million) changed hands on the southern bourse. Put-through volume was at 5 million shares worth VND101.4 billion ($4.9 million).

HNX saw most stocks fall throughout the session. Major stocks including securities company shares and banking shares largely lost 2-4 per cent.

Thai Hoa Viet Nam Group (THV) hit the ceiling with up to 700,000 units matched, after the coffee giant announced that Haverstock Master Fund had agreed to buy all the outstanding shares in its upcoming public issuance.

Some 173 stocks declined on the northern bourse, while up to 111 socks were untraded. Just 65 stocks advanced and 155 were unchanged.

Liquidity was boosted by a surge in put-through transactions. Up to 8 million Saigon-Hanoi Bank (SHB) shares were negotiated. Habubank also saw nearly 1 million shares changed hands via put-through transaction. Put-through volume reached 13.5 million shares worth VND108 billion ($5.2 million), pushing total trading volumes to 30 million shares worth VND257 billion ($12.4 million).