Market continues to wilt

Refrigeration Electrical Engineering Corp. (REE) and Tan Tao Investment Industry Corp. (ITA) both slightly advanced with more than 600,000 units matched on the Ho Chi Minh Stock Exchange (HoSE). Ocean Group (OCG) and Licogi 16 (LCG) modestly rallied, while Post and Telecommunications Investment and Construction (PTC) hit the ceiling.

On the Hanoi Stock Exchange (HNX), driving stocks Kim Long Securities (KLS), VNDirect Securities (VND), Vietnam Construction and Import-Export (VCG) and PetroVietnam Construction (PVX) significantly rose with 1-2 million shares matched each.

Bao Viet Securities (BVS), PetroVietnam Southern Gas (PGS), PetroVietnam Northern Gas (PVG) advanced thanks to large bid volumes.

Also, investors continued cashing in a few speculative stocks like Becamex Infrastructure Development (IJC) and Hoang Quan Consulting-Trading-Service Real Estate Corp. (HQC). Even firms with very low price stocks with weak business performances like Orient Securities Corp. (ORS) and Wall Street Securities Company (WSS) and PetroVietnam Power Land (PVL) were strongly bid for.

Some 101 stocks were up on the HoSE, outrunning 99 decliners. Meanwhile, 140 stocks gained compared with 86 off on the HNX, pushing the benchmark HNX-Index up 0.12 points or 0.18 per cent.

The VN-Index, however, lost 3.17 points or 0.78 per cent to 401.15 points, dragged by the common fall of blue-chip stocks like Vinamilk (VNM), Bao Viet Holdings (BVH), PetroVietnam Drilling and Well Services (PVD).

Other major stocks like Hoa Phat Group (HPG), Hoang Anh Gia Lai (HAG), PetroVietnam Fertilisers (DPM) and Kinh Do Corp. (KDC) also slightly shed.

Market liquidity remained weak. Some 24.6 million shares worth VND395 billion ($19.3 million) changed hands on the HoSE, while 25.5 million shares worth VND256.6 billion ($12.5 million) were matched on the HNX.