Market left on tenterhooks

Asia Commercial Bank (ACB) announced this morning that three board members including chairman Tran Xuan Gia has resigned. At the same time, local media report further information about the prosecutions of banking tycoon Nguyen Duc Kien and his arrested-employees in Asia Commercial Bank (ACB) Investment JSC.

“People are troubled by the recent developments and fear that further developments will occur,” said Saigon Securities Inc. “But we reiterate our view that this case does not pose a systematic risk but only has negative impact on the related parties involved. However, it would be better if things would settle and the case would subside.”

Investors rushed to sell out banking shares, including Vietinbank (CTG), Vietcombank (VCB), Sacombank (STB). Particularly, Eximbank (EIB) and Asia Commercial Bank (ACB) closed at floor prices. Asia Commercial Bank (ACB) was the second-active stock in Hanoi Stock Exchange (HNX) with 4.2 million shares matched.

Real-estate stocks continued being pushed down by selling pressure. Tan Tao Investment Industry Corp. (ITA) hit the floor with big selling pressure. The stock had 3.9 million shares matched.

However, Ho Chi Minh Stock Exchange (HoSE) were supported by a number of large-cap stocks. Top key pillar stocks including Bao Viet Holdings (BVH), PetroVietnam Gas (GAS), Vincom Group (VIC) and Vinamilk (VNM) all turned green at the end.

Some securities companies stocks like Saigon Securities Inc. (SSI), Bao Viet Securities (BVS), VNDirect Securities (VND), Kim Long Securities (KLS) also suddenly turned head to rise after falling during the session.

Some real-estate stocks even jumped thanks to speculative cash, among them Hoang Quan Consulting – Trading – Service Real Estate Corp. (HQC), Song Da Urban & Industrial Zone Investment and Development (SJS), Becamex Infrastructure Development (IJC), Khang Dien House Trading and Investment (KDH).

At the close, HoSE’s VN-Index slightly added 0.04 points or 0.01 per cent to 394.6 points. HNX’s HNX-Index shed 0.41 points or 0.73 per cent to 56.07 points.

Put-through value suddenly soared boosting up the market’s liquidity. HNX had 34.2 million shares worth VND546 billion ($26.4 million) negotiated, among them 34 million units were Asia Commercial Bank (ACB)’s shares. The northern bourse’s liquidity reached 67.2 million shares worth VND805.9 billion ($38.9 million).

HoSE’s liquidity was of 44.8 million shares worth VND697.1 billion ($33.7 million), among them VND178 billion ($8.6 million) worth of shares were negotiated.