Month entered on jittery note

October 02, 2012 | 17:00

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Stock market’s downward trend did not stop today as investors kept cautious ahead of possible news from ongoing Central Executive Committee conference.

The Communist Party’s Central Executive Committee conference began October 1 and will end in October 15. Meanwhile, National Assembly session, which takes place twice a year, is to be held this month.

“We entered a new month on a jittery note,” said Ho Chi Minh City Securities in its note to clients.

The VN-Index of Ho Chi Minh Stock Exchange (HoSE) and HNX-Index of Hanoi Stock Exchange (HNX) continued strongly fell, although the fall had been lowered compared with that in previous session.

The VN-Index shed 2.23 points or 0.58 per cent to 384.32 points. The HNX-Index fell further 0.33 points or 0.61 per cent to 53.94 points, after the benchmark ended at the all-time low level for the first time yesterday.

Large-cap and leading sentiment stocks continued easing back dragging down the market. Among the key pillar stocks, Vinamilk (VNM) lost 1.72 per cent, Bao Viet Holdings (BVH) sharply dropped 4.22 per cent to VND29,500, Vincom Group (VIC) slipped 0.61 per cent.

Tan Tao Investment Industry Corp. (ITA) sunk to floor price with 2.4 million shares matched, outperforming the southern bourse again. Ocean Group (OGC) and other real estate stocks like Kinh Bac City Development Share Holding Corp. (KBC), Thu Duc Housing Development (TDH) strongly fell.

Whereas, speculative cash flows seemed to rally today, driving up several stocks.

Binh Thuan Mineral Industry (KSA) turned head to rise 1.83 per cent, Binh Dinh Minerals (BMC) was up 2.06 per cent, while Duong Hieu Trading and Mining (DHM) even turning head to hit the ceiling.

PetroVietnam-family stocks PetroVietnam Low Pressure Gas Distribution (PGD) jumped 2.66 per cent, PetroVietnam General Services Corp. (PET) was up 2.83 per cent, PetroVietnam Drilling and Well Services (PVD) gained 3.27 per cent with hundreds of thousands units matched.

Securities company shares on HNX also reduced their drop, largely ending at opening prices or slightly shed today.

Meanwhile, banking stocks continued saw modest fall. Military Bank (MBB) even ended higher.

HoSE’s liquidity stood at 26.1 million shares worth VND357.5 billion ($17.3 million). That figure of HNX was of 21.6 million shares worth VND136.6 billion ($6.6 million). Total matching value stayed weak at VND475 billion ($22.9 million).