Market stands at the crossroads

More than 14 million Saigon-Hanoi Bank (SHB) shares were negotiated on the Hanoi Stock Exchange (HNX), followed by Saigon Commercial Real Estate (SCR) at 3.2 million shares.

On Ho Chi Minh Stock Exchange (HoSE), Kinh Do Corp. (KDC), Hoang Anh Gia Lai (HAG), Sacom Development and Investment Corp. (SAM) also saw millions of shares negotiated.

HoSE’s put-through volume hit nearly 10 million shares worth VND203.7 billion ($9.8 million). Meanwhile, the HNX figure reached as high as 19 million shares worth VND138 billion ($6.7 million).

Meanwhile, the market is still gloomy with drying out liquidity. The HoSE’s VN-Index strongly dropped 4.56 points or 1.15 per cent to 391.74 points, with up to 190 stocks off. Just 46 stocks ended higher.

Real estate giant Vincom (VIC) and Song Da Urban & Industrial Zone Investment and Development (SJS) both hit the floor, while major firms Quoc Cuong Gia Lai (QCG), Kinhbac City Development Share Holding Corp. (KBC) and Hoang Anh Gia Lai (HAG) were sharply off as well.

Investors also boost their selling on cheap speculative stocks. Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC), PetroVietnam-Idico Long Son Industrial Park Investment (PXL), Post and Telecommunications Investment and Construction (PTC) all hit the floor with large offering volumes outstanding at the close.

Meanwhile, speculative penny stock Thuan Thao Corp. (GTT) still jumped with nearly 500,000 units matching.

Total volume was of 37 million shares worth VND557 billion ($26.8 million) on the southern bourse.
The HNX shed 1.15 points or 1.8 per cent further to 62.45 points. Total volume was also pushed up by put-through transaction to 48.6 million shares worth VND389 billion ($18.8 million).