Sacombank turns heads at week’s end

The stock (STB) hit the ceiling to VND12,600 without any supportive news, also outperforming the market with 2.8 million shares changing hands. The banking shares mainly ended flat in past sessions and traded at modest volumes.

Vietinbank (CTG) shed, Eximbank (EIB) was unchanged and Vietcombank (VCB) slightly gained.

Major stocks sunk into the red again, led by Vincom Corp. (VIC) shedding VND4,000 to VND113,000 and Bao Viet Holdings (BVH) off VND3,000 to VND75,000.

Vinpearl Tourism and Trading (PVL), PetroVietnam Drilling and Well Services (PVD), FPT Corp. (FPT) and Song Da Urban & Industrial Zone Investment and Development (SJS) were among the losers.

VN-Index of Ho Chi Minh Stock Exchange (HoSE) sharply fell 7.25 points or 1.68 per cent to 425.29 points. Some 179 stocks declined with 58 hit the floor on the bourse, 55 up and 59 unchanged.

Liquidity slightly rose to 23.9 million shares worth VND378 billion ($18.3 million), in which put-through value reaching VND50 billion ($2.4 million).

According to Asia Commercial Bank Securities (ACBS), the stock market was concerned about how the central bank punished commercial banks which did not meet non-producing credit limit in June 30. Previously, the central bank had capped that credit at 22 per cent, significantly slashing the cash flows on stock market.

“The market is seemingly waiting,” said ACBS.

Hanoi Stock Market lost 1.59 points or 2.14 per cent to 72.76 points. Up to 209 stocks were off on the northern bourse, while just 50 rising and 125 unchanged.

Kim Long Securities (KLS) almost hit the floor to VND10,300, with more than 1.2 million bid orders outstanding at the close. VnDirect Securities (VND) and Bao Viet Securities (BVS) also strongly dropped.

KLS was active the most with 4.5 million shares traded today, followed by PetroVietnam Construction (PVX), VND and Sacomreal (SCR) at 1.5 million to 2.5 million shares traded each.

Trading volumes hit 29 million shares worth VND328 billion ($15.8 million).