Market hits floor in spectacular fashion

Long An province announced on its website today that consumer price index growth for April hit 5.46 per cent – an historically high record for this province.

The announcement worsened investors’ worries about the nation’s inflation – which had already expected at high level of 3 per cent.

Trading values tumbled to VND462 billion ($22.32 million) on the main Ho Chi Minh Stock Exchange (HoSE) bourse, of which the matching was of VND331 billion ($16 million) – a record low since May, 2009.

This value was 20 per cent lower compared with previous sessions. Volumes hit 22.4 million shares on the northern bourse.

The benchmark VN-Index fell 1.72 points, or 0.38 per cent, to 453.74 points.

Some blue-chip stocks gave back, led by Hoang Anh Gia Lai (HAG) off 3.93 per cent and Bao Viet Holding (BVH) 1.96 per cent.

Saigon Securities Inc. (SSI) ended lower after outperforming the market with more than 1.6 million shares changing hands.

However, several stocks saw a positive session, among them Eximbank (EIB), Vietcombank (VCB) and Vietinbank (CTG) slightly gained.

PetroVietnam Drilling (PVD), PetroVietnam Finance (PVF) and Vincom Corp. (VIC) were up as well.

At the close, 138 stocks declined, 67 gained and 80 ended flat.

On the Hanoi Stock Exchange (HNX), liquidity fell also to 22 million shares worth VND298 billion ($14.39 million), down some 14 per cent.

The HNX-Index lost 0.33 points or 0.38 per cent to 86.16 points, thanks to the fall of half the market. Some 197 stocks were off while just 75 ended higher and 107 unchanged.

Major stocks massively fell. However, some were up like VnDirect Securities, Bao Viet Securities (BVS) and Asia Commercial Bank (ACB).

The major brokerage VnDirect posted a first quarter loss of VND42.72 billion ($2.06 million). The stock outperformed the market today with more than two million units traded.