Market falls back to old habits

November 17, 2011 | 16:00

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Stocks headed south after a sudden raise yesterday, led by the tumble of major stocks.

VN-Index of Ho Chi Minh Stock Exchange (HoSE) significantly lost again, down 5.03 points or 1.29 per cent to close at 385.86 points. Hanoi Stock Exchange’s (HNX) HNX-Index was off 1.26 points, or 1.96 per cent, to 62.88 points.

On the main HoSE, pillar stocks Bao Viet Holdings (BVH) hit the floor, while both Vinamilk (VNM) and Masan Group (MSN) were off more than 2 per cent.

Two major financial stocks Saigon Securities Inc. (SSI), PetroVietnam Finance (PVF) strongly dropped. Major real estate stocks Song Da Urban & Industrial Zone Investment and Development (SJS) and Kinhbac City Development Share Holding Corp. (KBC) both sharply fell more than 4 per cent.

Of the losers, real estate and steel sector shares fell the most.
“At the moment, the securities market along with domestic economy is suffering with several difficulties like exchange rate pressures, problems of credit growth cap, strained liquidity and bad debts in the banking sector,” said Vietcombank Securities. “The market will mainly keep flat and fluctuate or even fall down.”

Half the southern bourse lost with 144 stocks ended lower, while 78 advanced and 81 were unchanged.

In contrast, some financial stocks still rose, among them Sacombank (STB), Eximbank (EIB), Vietcombank (VCB) and Vietinbank (CTG). Real-estate giants Vincom Corp. (VIC) and Hoang Anh Gia Lai (HAG) also ended higher.

Particularly, STB outperformed the market again with 1.8 shares matched. The bank’s big share buyback was announced to start since yesterday until December 16.

Put-through volume soared again to 12 million shares, led by HAG, Anvifish JSC (AVF), Quoc Cuong Gia Lai (QCG) at 2-3 million shares negotiated each. Total volume hit 34 million shares, worth VND556.22 billion ($26.9 million).

Hanoi’s bourse was also under selling pressure that mainly focused on major stocks like Vietnam Construction and Import-Export (VCG), PetroVietnam Construction (PVX), Habubank (HBB), Saigon-Hanoi Bank (SHB), Bao Viet Securities (BVS) and VnDirect Securities (VND).

Liquidity kept weak at 24.3 million shares worth VND247.6 billion ($11.9 million).