Market in a holding pattern

Ho Chi Minh Stock Exchange’s (HoSE) VN-Index ended at 423.64 points, up 1.42 points or 0.34 per cent. The benchmark had lost more than 4 points during the session.

A number of blue-chips including Vincom Corp. (VIC), Song Da Urban & Industrial Zone Investment and Development (SJS), Bao Viet Holdings (BVH), Vietinbank (CTG), PetroVietnam Drilling and Well Services (PVD) sharply fell dragging down the market.

Decliners amounted to 102 stocks on the HoSE. Some 144 stocks ended up and 62 flat.

On the Hanoi Stock Exchange (HNX) some 120 stocks declined and 121 were unchanged. But advancers still outran decliners, reaching 150 stocks today. HNX-Index gained 1.59 points or 2.37 per cent to 68.68 points.

Banking stocks kept animating the market with dramatic transactions. A huge volume of 38.7 million Eximbank (EIB) shares changed hands via the put-through method today, while the bank is still looking to take over its peer Sacombank (STB).

On the HNX, Habubank (HBB) saw 21.2 million shares matched, hitting the ceiling again.

A number of banking stocks followed those two phenomena. Military Bank (MBB) and Sacombank (STB), both had 6 million units matched each. MBB also saw 10.5 million shares negotiated.

Strong cash flows did not reduce its momentum. Some 126 million shares worth VND2.3 trillion ($111.1 million)  changed hands today. Among them, up to 56.9 million shares worth VND1.2 trillion ($60 million) were negotiated.

Foreigners contributed a large part in buying power, with 12 million shares purchased on the HoSE. They continued focusing on large-cap stocks like MBB, Hoang Anh Gia Lai (HAG), STB, Vietcombank (VCB), Tan Tao Investment Industry Corp. (ITA).

Cheap stocks like Vietnam Electricity Construction (VNE), Nari Hamico Minerals (KSS), Sacom Development and Investment Corp (SAM), Bac Giang Exploitable Mineral (BGM) were among the most active stocks. Domestic investors were said to come back to trade highly speculative stocks despite weak business results of those companies.

Liquidity reached 84.5 million shares worth VND691.6 billion ($33.4 million) on the HNX. Leading speculative like VNDirect (VND), PetroVietnam Construction (PVX), Kim Long Securities (KLS) all had 4-5 million shares matched each.