Market slowly loses momentum

January 18, 2012 | 10:32

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The market’s rising momentum strongly faded out Tuesday with the Hanoi Stock Exchange (HNX) falling back.

Ho Chi Minh Stock Exchange’s (HoSE) VN-Index ended at 358.86 points, up 0.99 points or 0.28 per cent after rising more than 5 points during the session.

Saigon Securities Inc. (SSI), Military Bank (MBB), PetroVietnam Fertilisers (DPM), PetroVietnam Drilling and Well Services (PVD), FPT Corp. (FPT) massively slipped dragging down the market.

Some active stocks like Becamex Infrastructure Development (IJC), Tu Liem Urban Development (NTL) and Licogi 16 (LCG) also dipped back.

More than half the main bourse was off. Namely, some 125 stocks declined, among them 54 stocks hitting the floor. Just 91 stocks advanced and 90 ended flat.

Indeed, investors had largely feared since yesterday that the market would quickly fall back, as macroeconomics signals did not support the market. Meanwhile, the looming Tet holiday is increasingly discouraging investors to join the market.

The HNX fell 0.45 points or 0.79 per cent to 56.55 points. Some 121 stocks gave back, while 85 up and as high as 189 stocks unchanged.

Major stocks like PetroVietnam Construction (PVX), Vietnam Construction and Import-Export (VCG) and Habubank (HBB) sharply dropped 4-5 per cent, while securities company shares also lost 2-3 per cent.

Trading values declined further on both bourses. Liquidity fell to 23.7 million shares worth VND348.8 billion ($16.9 million) on HoSE. Among them, some 7.6 million shares worth VND130 billion ($6.3 million) were negotiated.

The figure was as low as 19.4 million shares worth VND158 billion ($7.6 million) on the HNX.

Some speculative stocks still rallied. The low-price real estate stock Transport Engineering Construction & Business Investment 584 (NTB) hit the ceiling with 700,000 units matched on HoSE, while Hoang Quan Consulting-Trading-Service Real Estate Corp. also jumping nearly 3 per cent.

On HNX, matching volumes of VNDirect Securities (VND) remained quite high at 2.1 million shares while Kim Long Securities (KLS) and Wall Street Securities (WSS) also seeing 1.9 million shares and 1.2 million shares matched respectively.