Market slides again

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The Ho Chi Minh Stock Exchange (HoSE)’s VN-Index lost 7.91 points, or 1.55 per cent, to 501.97 points. Liquidity was mostly unchanged with VND1.008 trillion ($50.4 million) worth of stocks traded.

On the Hanoi Stock Exchange, the HNX-Index shed 0.92 points, or 0.87 per cent, to end at 105.30 points. Trading volume fell 9.07 per cent to 24.18 million shares with value dropped 12.42 per cent to VND432.78 billion ($21.64 million).

On HoSE, 174 stocks went down, while 64 went up with blue-chips stocks Vinamilk (VNM), Vietinbank (CTG), Vietcombank (VCB), Masan Group (MSN) and Hoang Anh Gia Lai (HAG) all finishing significantly lower.

Bao Viet Holding (BVH) and PetroVietnam Fertilisers (DPM) were among the 15 stocks which hit the floor. Like yesterday’s session, the HoSE lost the strong support from BVH and MSN today to return to its real lacklustre form. Of the decliners, 15 stocks hit floor.

The market outlook was even worse on the Hanoi exchange, where up to 222 stocks dropped and 52 had no transactions, compared with 56 going up and 43 remaining unchanged.

Financial stocks largely fell, helped by Habubank (HBB) losing 0.85 per cent, Asia Commercial Bank (ACB), 2.41 per cent, PetroVietnam Insurance (PVI), 2.86 per cent and Kim Long Securities shedding 2.7 per cent.

A retiring sentiment is likely to be underscored this week – the last one before Lunar New Year.

Even though, the consumer price index (CPI) growth for the nation was announced at 1.74 per cent, lower against last month, and was expected to be even lower after Tet.

Foreign investors bought 4.43 million shares of 83 stocks on the HoSE today, focusing on major stocks such as VCB, ITC, FPT and SSI.

On the HNX they increased their net buying with 533,400 units bought and 192,500 sold. Among them, KLS, PVS, PVI and PVX were most commonly purchased.