Market reaches for the bottom

The VN-Index of Ho Chi Minh Stock Exchange (HoSE) hit 379.62 points, the lowest level in two years. The benchmark lost 6.24 points or 1.62 per cent against the previous session.

Investors’ sentiments continued being eroded, despite a measures for supporting the market released by the State Securities Commission on Wednesday. While the package mainly focused on mid-term and long-term plans and projects, fears about weak liquidity of brokerage firms still weighed on the local market.

“The market is still thirsty for positives to holt investors’ bailing out,” said FPT Securities.

Trading value reduced to VND542.9 billion ($26.2 million), while put-through value still made up a large portion of VND171 billion ($8.3 million).

At the close, just 49 stocks ended higher and 59 were unchanged, while up to 197 stocks declining on the southern bourse.

Blue-chips Vincom Corp. (VIC) and Masan Group (MSN) sharply shed, while Bao Viet Holdings (BVH) slightly losing.

Several major real estate stocks hit the floor again, among them Tan Tao Investment Industry Corp. (ITA), Kinhbac City Development Share Holding Corp. (KBC), Ocean Group Corp. (OGC).

Real estate stock Hoang Anh Gia Lai (HAG) still saw a large volumes of three million units negotiated at the price of VND25,500 per share today. The stocks declined 2.6 per cent to VND22,900. Song Da Urban & Industrial Zone Investment and Development (SJS) ended flat.

Sacombank (STB) outperformed the market for the third straight session with 2.5 million shares matched. The bank’s chairman Dang Van Thanh reaffirmed the director board’s expectation to support the stock price to above the VND20,000 level in the morning. STB gained 2.07 per cent to VND14,800.

Also, Military Bank (MBB) slightly climbed 0.84 per cent, following STB with 1.5 million shares matched.

Meanwhile, the Hanoi Stock Exchange (HNX) modestly fell with the benchmark HNX-Index off 0.7 points or 1.11 per cent to 62.18 points. Liquidity kept weak at 25 million shares worth VND227.8 billion ($11 million).

Half the market, or 186 stocks, were off mainly mid-cap and small-cap stocks.