Market still on deep southward curve

The VN-Index fell 6.61 points or 1.59 per cent to end at 410.23 points. The benchmark had tumbled nearly 5 per cent – the maximum allowed fall – in yesterday’s session after the shocking news of big banker Nguyen Duc Kien being arrested.

A number of blue-chips turned rose. PetroVietnam Gas (GAS) advanced 1.5 per cent with 420,000 units matched. PetroVietnam Drilling and Well Services (PVD) also added 0.28 per cent.

Key pillar stock Vinamilk (VNM) even jumped 1.9 per cent to VND107,000. Kinh Do Corp. (KDC) gained 2.41 per cent.

While stocks still massively hit the floor, banking stocks significantly reduced their falls. Military Bank (MBB) and Vietcombank (VCB) shed just some 2 per cent each, with quite big matching volumes. Vietinbank (CTG) even stayed unchanged with more than 600,000 shares matched.

Asia Commercial Bank (ACB), Eximbank (EIB) and Sacombank (STB), the stocks of banks that are believed to be related to Kien, still hit the floor.

Advancers increased to 55 stocks on Ho Chi Minh Stock Exchange (HoSE), compared with 190 decliners.

Meanwhile, the market continued its fall on news of the arrest of other bankers.

“The disorder might last further, so selling all securities is the best thing to do now,” said Nguyen Duy Tuyen, an investor with Sacombank Securities.

Hanoi Stock Exchange’s (HNX) HNX-Index dropped 2.3 points or 3.44 per cent to 64.65 points. Some 60 stocks advanced on the bourse and 177 declined.

An Phat Plastic and Green Environment (AAA), PetroVietnam Securities Inc. (PSI), Petrovietnam Insurance (PVI) were among the gainers.

A part of investors still tried to fish bottom, helping the liquidity staying quite high. HoSE saw as high as VND957.3 billion ($46.2 million) worth of shares matched, while HNX seeing VND470.7 billion ($22.7 million) worth of shares matched.

HoSE’s total liquidity reached 74.2 million shares worth VND1.1 trillion ($50.8 million). The figure was of 61 million shares worth VND535.1 billion ($25.9 million) on the HNX.