Market cools its heels

The VN-Index of Ho Chi Minh Stock Exchange (HoSE) lost 3.41 points or 0.83 per cent to close at 405.19 points.

Matching values sunk to as low as VND231 billion ($11.1 million). Put-through values soared to VND271 billion ($13.1 million) with millions of units for blue-chips Vincom Corp., Vinamilk (VNM) and Kinh Do Corp. (KDC) negotiated.

“Unless current unfavourable information, particularly the European debt crisis and volatile macroeconomic patterns, significantly improve the market cannot recover,” said Vietcombank Securities.

Most major stocks fell, among them VNM off 1.39 per cent, Masan Group (MSN) 0.79 per cent, while Vincom Corp. (VIC) dropped.

A mass of real estate stocks were also among top losers, including Song Da Urban & Industrial Zone Investment and Development (SJS), Development Investment Construction (DIG), Sao Mai Construction Corp. (ASM), Thu Duc Housing Development (TDH) hitting the floor.

Financial stocks lost out, with Vietcombank (VCB) giving back 2.46 per cent, Military Bank (MBB) 3.33 per cent, PetroVietnam Finance 1.75 per cent while Vietinbank (CTG) ending flat. Sacombank (STB) ended 0.73 per cent lower despite the bank’s share buyback plan supporting the market price.

The buying power mainly focused on some low-price speculative stocks. Becamex Infrastructure Development (IJC) gained 0.99 per cent with more than 700,000 stocks matched. Pha Lai Thermal Power (PPC) and Thuan Thao Corp. (GTT) were both up with more than 400,000 stocks changing hands.

Overall, 139 stocks lost on the southern bourse with 36 hitting the floor, compared with 74 stocks advancing.


Hanoi Stock Exchange (HNX) hit the fresh record low of 64.6 points, down 0.53 points or 0.81 per cent.

Liquidity has not improved yet, reaching 24.8 million shares worth VND255.8 billion ($12.4 million).