Market’s confidence is shaken

February 15, 2012 | 17:00

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The stock market fell Wednesday on concerns about credit tightening policies that the government is applying to the securities sector.

The VN-Index of Ho Chi Minh Stock Exchange (HoSE) lost 2.85 points or 0.71 per cent to 397.41 points. The HNX-Index of Hanoi Stock Exchange (HNX) fell 1.33 points or 2.16 per cent to 60.21 points.

Some 131 stocks lost on the HoSE, compared with 84 advancing and 91 unchanged. Also, HNX saw 143 stocks off and 86 up, and the untraded stocks also kept high at 102 stocks.

Leading stocks were strongly sold since the middle of the session, led by Bao Viet Holdings (BVH) and Sacombank (STB). The insurance giant Bao Viet announced its restructuring plan yesterday, while Sacombank still facing with increasing rumours about the acquirers who are to takeover the bank.

Other financial stocks, particularly banking shares, massively declined. Among them, Vietinbank (CTG) was off 2.55 per cent, Military Bank (MBB) 2.36 per cent, Vietcombank (VCB) 0.79 per cent, Eximbank (EIB) 0.65 per cent. PetroVietnam Finance (PVF) sharply lost 4.4 per cent while Saigon Securities Inc. (SSI) off 1.96 per cent.

Banking shares also sunk on the HNX, with Asia Commercial Bank (ACB) off 3.67 per cent, Saigon-Hanoi Bank (SHB) 4.17 per cent and Habubank (HBB) tumbling 6.25 per cent. Those stocks had also witnessed a downward trend in many resent sessions.

The VN30 eased back 4.14 points or 0.92 per cent to 446.08 points, with just five among totaling 30 stocks advancing.

However, buyers stayed calm despite rising selling pressures. A significant demand for shares supported the market today.

Some real-estate stocks even rallied still. PetroVietnam-Idico Long Son Industrial Park Investment (PXL) gained 2.7 per cent with up to 1.8 million shares matched. Ocean Group (OGC) gained 1.08 per cent while International Development and Investment Corp (IDI) and Song Da Urban & Industrial Zone Investment and Development (SJS) sharply rose.

Liquidity seemed to weaker. Matching volume was of just 30 million shares worth VND375 billion ($18.1 million). But put-through volume soared boosting total volume to 45.8 million shares worth VND791.6 billion ($38.2 million).

The figure reached 36 million shares worth VND309.8 billion ($15 million) on the HNX.