Market’s free fall is cushioned

Ho Chi Minh Stock Exchange’s (HoSE) VN-Index shed 0.97 points or 0.23 per cent, a much lower fall than in previous trading days of 3-6 points. Advancers suddenly outran decliners 135 to 81 on the bourse.

Cash strongly flew into few speculative stocks. Post and Telecommunications Investment and Construction (PTC) hit the ceiling for the sixth straight session to VND17,800 today. Lao Cai Mineral Exploitation & Processing (LCM) also hit ceiling with nearly 500,000 units matched.

Thuan Thao Corp. (GTT), Seafood JSC No 4 (TS4), Nari Hamico Minerals (KSS) and Vietnam Electricity Construction (VNE) sharply rose thanks to strong buying power.

Whereas, speculators continued selling out “hot” stocks like Becamex Infrastructure Development (IJC), Binh Duong Trade and Development (TDC) and PetroVietnam-Idico Long Son Industrial Park Investment (PXL). However, these stocks were still in demand today, outperforming the market with millions of shares matched each.

Trading volume significantly rose more than 30 per cent on the HoSE, hitting 38 million shares worth VND596 billion ($29.1 million). Put-through volume was modest at 2.9 million shares worth VND63.4 billion ($3 million).

Meanwhile, the macroeconomic picture was dark, especially with the exchange rate expected to be under pressure by the year’s end, weighing on most major stocks. Blue-chips Bao Viet Holdings (BVH), Masan Group (MSN) and Vincom Corp. (VIC) lost 2-3 per cent each.

Financial shares Vietinbank (CTG), Vietcombank (VCB) ended lower while Sacombank (STB) and Eximbank (EIB) unchanged. Hoang Anh Gia Lai (HAG) and FPT Corp. (FPT) kept falling.

“The market is mainly  cautious with investors eyeing new macroeconomic signs,” said Vietcombank Securities.

The Hanoi Stock Exchange (HNX) slightly skidded 0.12 points or 0.17 per cent to 70.34 points. Advancers also significantly outran decliners 139 to 95, while 161 ending flat or having no transactions.

Liquidity reached 33.1 million shares worth VND340.4 billion ($16.6 million), with put-through volume making up 3.2 million shares worth VND27.7 billion ($1.4 million).