Market suffers Greek tragedy

The VN-Index of Ho Chi Minh Stock Exchange (HoSE) sharply fell 6.03 points or 1.46 per cent to 407.79 points. The HNX-Index also lost 1.38 points or 2.01 per cent on the Hanoi Stock Exchange (HNX), closing at 67.14 points.

The hard fall was inline with the global markets’ large-scale tumble today, after Greece was uncertain over whether it would accept Europe’s rescue package.

Today’s fall even bigger than Tuesday’s, when investors had sold shares on continuing macroeconomic concerns.

Most major stocks dropped. Bao Viet Holdings (BVH) hit the floor, while Vincom Corp. (VIC) and Masan Group (MSN) were significantly off.

Shares of major real estate companies Vinpearl Tourism and Trading (VPL), Hoang Anh Gia Lai (HAG), Song Da Urban & Industrial Zone Investment and Development (SJS) all sharply lost. Military Bank (MBB) hit the floor.

Nearly three-quarters of the bourse ended lower, with 183 stocks off, 50 up and 50 unchanged.

However, most banking shares like Vietinbank (CTG), Vietcombank (VCB), Eximbank (EIB) and Sacombank (STB) just slightly slipped.

Vinamilk (VNM) hit the ceiling on its announcement placing bonus shares to existing shareholders. FPT Corp. (FPT) gained on Orchild Fund announcing to buy up to 6.4 million the shares.

Liquidity reduced further to 31.6 million shares worth VND490 billion ($23.7 million). Put-through volume kept high at seven million shares worth VND115 billion ($5.55 million), among them MBB saw up to 4.2 million shares negotiated.
On the HNX, driving stocks largely tumbled 4-7 per cent. The northern bourse sunk in red with 216 stocks declining, while just 35 advanced.
However, demand for shares strongly rose in the session ended. Kim Long Securities (KLS) outperformed the market with 3.6 million shares matched. VnDirect Securities (VND) and PetroVietnam Power Land (PVL) followed at 3.5 million and 3.3 million shares, respectively.

Total volume stood at 36.4 million shares worth VND382.9 billion ($18.5 million). Put-through volume made up 6 million shares worth VND86.7 billion ($4.2 million).