Markets plunge south

Europe debt fears weighed on the U.S. stock market as well as most Asian markets like Tokyo, Japan, Hong Kong this morning. Meanwhile, the local economy is largely expected to remain struggling thanks to government’s continuing credit tightening measures and global economic fluctuations.

Up to 165 stocks dropped on the Ho Chi Minh Stock Exchange (HoSE), compared with just 60 up and 70 unchanged.

Up to nine million Becamex Infrastructure Development (IJC) shares were sold, after the stock continuously jumped during previous sessions. Millions of speculative stocks were dumped today, among them PetroVietnam-Idico Long Son Industrial Park Investment (PXL), Binh Duong Trade and Development (TDC) both lost more than 4 per cent and Urban Development and Construction Corp. (UDC) off 1.39 per cent.

At the same time, the put-through volume soared to 21.6 million shares worth VND480 billion ($23.4 million), with Sacombank (STB). Kinh Do Corp. (KDC) and Khang Dien House Trading and Development (KDH) were active the most. Total volume reached 78 million shares worth VND1.26 trillion ($61.5 million).

Whereas, several speculative stocks PetroVietnam Transportation Corp. (PVT) and Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC), Thuan Thao Corp. (GTT), Petroleum Pipeline & Tank Construction (PXT), Mientrung Petroleum Construction (PXM) still rallied.

Large-cap stocks largely shed, led by Masan Group (MSN) and Vinamilk (VNM). The benchmark VN-Index lost 5.89 points or 1.36 per cent to 428.08 points.

The Hanoi Stock Exchange (HNX) ended with a bigger drop. The benchmark HNX-Index dipped 1.49 points or 2.03 per cent to 72.09 points.

The bourse sunk into the red with 223 stocks declined with 45 hitting the floor, while just 52 up and 107 ended flat. Most major and speculative stocks deeply dropped, except the low-price stocks IDJ International Financial Investment and Enterprise Development (IDJ) hitting ceiling with 3.2 million shares matched.

Trading volume hit 55.9 million shares worth VND591.7 billion ($28.9 million).