Market trapped in its malaise

Sacombank (STB) and Refrigeration Electrical Engineering Corp. (REE) both soared after REE announcing to divest its entire 42 million shares in STB. STB gained 3.23 per cent and outperformed the market with 2.8 million shares matched, while REE was up 2.65 per cent with more than 500,000 million units matched.

Meanwhile, Vietinbank (CTG) suddenly hit the ceiling with nearly 300,000 shares changing hands on the Ho Chi Minh Stock Exchange (HoSE), while Eximbank (EIB) advanced 1.4 per cent.

Japan Vietnam Medical Instrument (JVC) hit the ceiling today with more than one million shares matched, after rising more than 4 per cent in yesterday’s session.

Besides, some cheap speculative stocks also rallied, among them PetroVietnam Transportation Corp. (PVT), Post and Telecommunications Investment and Construction (PTC), Mientrung Petroleum Construction (PXM). Some 96 stocks ended higher on the main bourse, mainly penny and mid-cap stocks.

Meanwhile, major stocks still kept falling. Pillar stocks Bao Viet Holdings (BVH) and Vinamilk (VNM) both lost out, while Masan Group (MSN) unchanged. Financial major shares Saigon Securities Inc. (SSI), Vietcombank (VCB), Military Bank (MBB) largely declined.

At the close, the VN-Index lost 1.16 points or 0.33 per cent to 348.84 points. Some 112 stocks went down. Liquidity was still weak at 25.5 million shares worth VND345 billion ($16.7 million), with some 5.8 million shares worth VND101 billion ($4.9 million) negotiated.

Of the same move, Hanoi Stock Exchange’s (HNX) HNX-Index shed 0.36 points or 0.63 per cent to close at 56.43 points, with a mass of major stocks modestly falling. The benchmark hit the new all-time record low again in this session.

Major securities company shares largely lost 2-4 per cent, while shares of minor brokerages like Orient Securities (ORS), Wall Street Securities (WSS), Saigon-Hanoi Securities (SHS) even hit the ceiling.

Total volume reached 19.6 million shares worth VND161.7 billion ($7.8 million) on the northern bourse.