Market taken down by regional fears

March 15, 2011 | 15:30
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Foreign investors strongly sold out today in line with downward trends in Asian markets.

Foreigners boosted their selling volumes to more than eight million shares worth VND203.6 billion ($9.8 million), compared with yesterday’s 2.7 million units at VND74 billion ($3.6 million).

Sacombank (STB), Hoang Anh Gia Lai Group (HAG) and Vietcombank (VCB) topped the shares being sold most.

The selling trend was in line with a sharp fall of Asian markets this morning. New fears of global impact caused by the Japanese earthquake had been raised, after Japan’s Nikkei Stock Average nosedived more than 13 per cent while Hong Kong, Taiwan, Shanghai and South Korea’s markets all lost from 2.5 to 4 per cent.

In Vietnam, investors largely worried on the Japan’s OAF, FII and FDI flows in the nation. The VN-Index of Ho Chi Minh Stock Exchange (HoSE) shed 11.16 points (2.33 per cent) to 468.74 points.

Supportive stocks including Bao Viet Holding (BVH), Vincom Corp. (VIC), Masan Group (MSN) and Hoang Anh Gia Lai Group (HAG) all hit the floor or nearly hit the floor.

Only Vietinbank (CTG) among the blue-chips gained, much buoyed by foreigners buying more than 1.9 millions the shares. 147 stocks declined compared with 69 up and 70 ending flat.

The HoSE’s tumble came at the heel of the yesterday’s 15 point drop liquidity plunged to VND812.75 billion ($39.26 million) on the bourse, after investors aggressively bailed out in an effort to lock in their profits yesterday.

The Hanoi Stock Exchange (HNX) was off also. However, the loss was more modest at 0.96 per cent or 0.88 points. The HNX-Index ended at 91.04 points. Trading volumes plunged to VND425.95 billion ($20.6 million).

By Hai Linh

vir.com.vn

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