Market snaps run of poor form

The two leading blue-chips hit the ceiling through large bidding volumes from foreign investors. Their total buying volume remained low at some 1.75 million shares on the Ho Chi Minh Stock Exchange (HoSE).

The benchmark VN-Index climbed 1.8 points (0.39 per cent) to close at 460.3 points despite half the market falling. Some 155 stocks fell compared and 68 advanced.

Local investors remained cautious due to ongoing inflation fears in the nation. The consumer price index for April was estimated to grow more than 3 per cent, after Hanoi and Ho Chi Minh City announced the indicator jumping 3.28 and 3.16 per cent respectively.

“There has been no good news on the macroeconomics still. Falling trend will continue,” said VnDirect Securities’ analysts.

Liquidity saw almost no increase from the two-year record low yesterday. Trading volumes stood at VND490 billion ($23.67 million) on the southern bourse, while volume hitting 21.5 million shares.

Sacombank (STB) gained while Vietcombank (VCB) and Eximbank (EIB) dropped. PetroVietnam Finance (PVF) hit the floor and Saigon Securities Inc. (SSI) was significantly down.

Numerous real estate shares dropped, led by Cotec Construction JSC (CTD) and Vietnam Electricity Construction JSC (VNE). Production shares largely fell with the bedding goods Everpia Vietnam (EVE) hit the floor.

Small-cap and mid-cap stocks made up the majority of the decliners.

On the Hanoi Stock Exchange (HNX), the benchmark HNX-Index shed 1.79 points, or 2.08 per cent, to close at 84.21 points. As high as 211 stocks declined on the northern bourse, 70 up and 102 unchanged.

Trading volume had not been improved also, standing at 23.2 million shares worth VND299 billion ($14.44 million).

Kim Long Securities (KLS) and Bao Viet Securities (BVS) both strongly dropped. Vinaconex (VCG) along with PetroVietnam Southern Gas (PGS)  plunged.

Habubank (HBB) and Asia Commercial Bank (ACB) slightly fell.