Pillar stocks crumble for a poor Friday

VIC shed VND5,000 or 4.13 per cent to VND116,000 while BVH off VND2,000 or 2.82 per cent to VND69,000. Blue-chip Masan Group (MSN) also slightly shed 0.55 per cent.

Banking shares including Vietcombank (VCB), Eximbank (EIB) and Vietinbank (CTG) significantly dropped, after rising yesterday on the rumours VCB is to sell a stake to Japanese bank Mizuho.

Financial shares Saigon Securities Inc. (SSI) and PetroVietnam Finance (PVF) were also among stocks heading south.

The benchmark VN-Index of the Ho Chi Minh Stock Exchange (HoSE) sharply fell 3.96 points or 0.93 per cent to 409.02 points.

Some other major stocks, however, climbed. Hoang Anh Gia Lai (HAG) and Kinh Do Corp. (KDC) slightly gained, Phu Nhuan Jewelry (PNJ) added 3.09 per cent while PetroVietnam Drilling and Well Services (PVD) advanced 3.99 per cent. Some ended flat or just slightly fell.

Overall, 79 stocks ended higher on the southern bourse. Several very-low-price stocks of under VND3,000 were also boosted up. Some 127 stocks declined and 92 were unchanged.

Meanwhile, low liquidity worried the market as it keeps continuously hit record low levels. Just 19 million shares worth VND370 billion ($17.87 million) were traded on HoSE today, of which put-through volume making up 6.25 million shares worth VND150 billion ($7.25 million).

Trading volume of Hanoi Stock Exchange (HNX) tumbled again to 14.54 million shares worth VND156.54 billion ($7.56 million) – the lowest level in more than two years.

Brokerage firms still largely recommended investors to stay aside the market. “The real opportunities will not appear in next sessions. It’s necessary to be cautious at that time to avoid risks,” said Asia Commercial Bank Securities.

The brokerage saw the ongoing congressional election as one important factor that had big impact on the market, besides the continuing difficult economic situation.

The HNX-Index lost 0.47 points or 0.66 per cent to 70.88 points. Major stocks sunk into the red on the northern bourse with securities company shares and real-estate shares largely shed from 2 per cent to 4 per cent.

Half the market eased back with 165 stocks off, while 146 unchanged. Some 74 stocks gained, among them several mid-cap stocks.