Market continues to flat line

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Ho Chi Minh Stock Exchange’s (HoSE) VN-Index closed at 457.25 points, down 1.92 points or 0.42 per cent. Volume was low at more than 24 million shares worth VND528.32 billion ($26 million).

Almost all blue-chip stocks ended lower. Vinpearl Corp. (VPL) and Masan Group (MSN) sharply declined, while Saigon Securities Inc. (SSI) and Refrigeration Electrical Engineering Corp. (REE) were significantly off.

Bao Viet Holding (BVH), Vietcombank (VCB) and PetroVietnam Finance (PVF) were among the droppers.

In contrast, FPT Corp. (FPT) hit the ceiling to VND52,000, much buoyed by foreigners strongly buying in. Vinamilk (VNM) also ended higher.

Foreigners were net buyers today, focused on PetroVietnam Fertilisers (DPM), VCB, Vietinbank (CTG) and Sacombank (STB).

At the close, 154 stocks declined, compared with 63 up and 60 unchanged.

Saigon Securities Inc. outperformed the market with nearly 1.45 million units traded, followed by Eximbank (EIB), Vietinbank (CTG) and Itaco (ITA).

“With current macroeconomic situation, there hardly can be a new investment flows,” said Hanoi Securities (HSSC), “reducing liquidity shows that investors are very cautious even when the prices have been cheap.”

Meanwhile, Hanoi Stock Exchange (HNX) saw the fifth consecutive falling session. The benchmark HNX-Index closed at 90.1 points today, down 0.95 points or 1.04 per cent.

Volume continued reducing to 20.5 million shares, worth VND311.83 billion ($15.1 million).

Almost all major stocks ended lower, with Sacomreal (SCR), Vinaconex (VCG) significantly off. Asia Commercial Bank (ACB), Habubank (HBB) and PetroVietnam Insurance (PVI) ended flat.

Overall, as high as 207 stocks gaining overwhelmed 61 up.