Market fades after bright Wednesday

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Actually, Wednesday’s excitement was largely discounted by investors as local speculators’ drove the market in an effort to cut losses.

FPT Corp. (FPT) was strongly sold out after hitting the ceiling for three consecutive sessions. More than one million shares of the technology giant were traded, with the price ending at VND57,500.

PetroVietnam Fertilisers (DPM) and PetroVietnam Finance (PVF) both strongly shed after reaching the ceiling prices yesterday.

Saigon Securities Inc. (SSI) was significantly off after hitting the maximum level as well.

More than half the Ho Chi Minh Stock Exchange (HoSE) fell back, namely 165 stocks off, while just 60 advanced and 63 were unchanged.

“Some speculators had tried to drive up the market via some driving stocks like THV and SSI. Selling pressure strongly rose thanks to numerous those driving stocks had reached the resistance level,” said Vietinbank Securities.

The benchmark VN-Index lost 1.45 points, or 0.31 per cent, to close at 463.49 points.

Among blue-chips, Vietcombank (VCB) and Vietinbank (CTG) gave back, while Sacombank (STB) advanced.

Hoang Anh Gia Lai (HAG) and Vincom Corp. (VIC) slightly rose, but Bao Viet Holding (BVH) and Masan Group (MSN) ended flat.

Liquidity remained at low, with just 27.5 million shares worth VND690 billion ($33.33 million) traded on the southern bourse today.

On the Hanoi Stock Exchange (HNX), 181 decliners pushed down the HNX-Index 1.11 points (1.12 per cent) to 90.72 points.

Some 77 stocks gained, among them just a few large-cap stocks advanced like Vinaconex (VCG) and PetroVietnam Northern Gas JSC (PVG).

The leading Thai Hoa Vietnam Group JSC (THV) fell 1.79 per cent after the coffee exporter strongly supporting the bourse for three straight sessions.

Securities company shares declined, along with the fall of the real estate shares Sacomreal (SCR) and Ocean Hospitality and Service JSC (OCH). Habubank (HBB) and Asia Commercial Bank (ACB) remained flat.

Volume stood at 21.6 million shares with value remaining weak at VND335.04 billion ($16.18 million).

Securities companies largely recommended clients to keep a wait and see stance given the irregular market trend.

“Because the market is strongly fluctuating, investors, if cashing in, should focus on highly liquid stocks and should quickly lock profit,” said Ho Chi Minh Securities.