Month starts on a bad note

October 02, 2012 | 17:00

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Stock market opened the month with a deep drop Monday, while demand for shares had falling.

The Ho Chi Minh Stock Exchange (HoSE) sharply fell 6.02 points or 1.53 per cent to 386.55 points.

Meanwhile, Hanoi Stock Exchange’s (HNX) HNX-Index today fell the lowest level from the time the benchmark being launched. It dropped 1.2 points or 2.16 per cent against previous session to 54.27 points.

Matching value slightly added up on the HoSE, helping total matching value of two bourses reaching VND556.8 billion ($26.9 million).

Red expanded on both bourses. As many as 175 stocks declined on HoSE, overwhelming 46 advancers. Also, HNX witnessed 158 stocks off compared with just 60 up, while as high as 134 stocks un-traded.

Real estate stocks were among top losers today, with Tan Tao Investment Industry Corp. (ITA), Ocean Group (OGC), Licogi 16 (LCG) hitting the floor. Kinh Bac City Development Share Holding Corp. (KBC), Thu Duc Housing Development (TDH) also dropped on big selling pressures.

Pennies in the sector like Becamex Infrastructure Development (IJC), Hoang Quan Consulting-Trading-Service Real Estate Corp. (HQC), Sao Mai Construction Corp. (ASM) massively fell to floor prices.

Speculative stocks in the mineral sector largely dipped today, with Tay Bac Minerals Investment (KTB) and Nari Hamico Minerals (KSS) hitting the floor. Binh Thuan Mineral Industry (KSA) and Bac Giang Exploitable Mineral (BGM) losing some 3 per cent each.

Large-cap stocks also strongly fell, led by Bao Viet Holdings (BVH) hitting the floor while PetroVietnam Gas (GAS), FPT Corp. (FPT) dropping.

However, banking stocks just modestly fell. Sacombank (STB) and Eximbank (EIB) both ended flat, Military Bank (MBB) declined 1.52 per cent. Vietinbank (CTG) and Vietcombank (VCB) fell some 3 per cent each. On HNX, Asia Commercial Bank (ACB) lost 3.64 per cent.

HNX’s leading sentiment stocks were put under heavier selling pressure today, strongly expanding their falls. VNDirect Securities (VND), Kim Long Securities (KLS), Saigon-Hanoi Securities (SHS), Vietnam Construction and Import-Export (VCG) all sunk 5-6 per cent each.

Overall, HoSE’s liquidity was of 30 million shares worth VND478.7 billion ($23.1 million) while that of HNX standing at 22.9 million shares worth VND169.1 billion ($8.2 million).