Market takes two steps forward then one step back

Its VN-Index lost 15.16 points (3.06 per cent) to 479.9 points, after suddenly rising around 12 points in during Thursday and Friday last week.

Japan’s earthquake, with likely bad affects on the global economy, and inflation fears in Vietnam also knocked investors confidence.

Strong buying pressure pushed liquidity up 2.1 million shares to 45.6 million, worth VND932.23 billion ($45.04 million), on the southern bourse.

Investors cashed in on Saigon Securities Inc. (SSI), Vietinbank (CTG), Sacombank (STB) and Itaco (ITA). Approximately seven million SSI shares changed hands, while more than 2.14 million CTG units were traded. STB and ITA were traded at 1.5 million units each.

Masan Group (MSN), Hoang Anh Gia Lai Group (HAG), Hoa Phat Group (HPG), along with PetroVietnam Drilling (PVD), PetroVietnam Finance (PVF) and PetroVietnam Fertilizers (DPM) were among the blue-chips hitting the ceiling today.

Vincom Corp. (VIC) sharply declined, Bao Viet Holding (BVH) shed 1.6 per cent while Vietcombank (VCB) and Vinamilk (VNM) were off.

Foreigners  pushed up their buying, notably Vietinbank (CTG) was strongly bought at more than 1.85 million shares.

At the close, 221 stocks fell compared with 27 up on the southern bourse, of which 100 hit the floor today.

On the Hanoi Stock Exchange (HNX), locking in profits boosted trading volumes up more than 68 per cent to 49.6 million shares, worth VND749.14 billion ($36.2 million).

VnDirect Securities (VND) and Kim Long Securities (KLS) strongly outperformed the gauge with nearly seven million shares changing hand each.

Selling pressures also pushed 261 stocks down, of which 107 hit the floor. Some 73 stocks unchanged with just 43 up. The benchmark HNX-Index was off 2.93 points or 3.09 per cent to close at 91.92 points.