Selling pushes stocks down

June 08, 2012 | 18:00

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Big selling pressures squeezed the market Friday despite healthy liquidity.

Several key pillar stocks and blue-chips were cracked down on the Ho Chi Minh Stock Exchange (HoSE), dragging down the market. Among them Masan Group (MSN) declined 0.5 per cent, Bao Viet Holdings (BVH) 1.94 per cent and Vinamilk was off 0.6 per cent.

Blue-chips Song Da Urban & Industrial Zone Investment and Development (SJS), Ocean Group (OGC), Saigon Securities Inc. (SSI), Military Bank (MBB) along with PetroVietnam Drilling and Well Services (PVD), FPT Corp. (FPT) lost 1-2 per cent each on the HoSE.

Major stocks of Hanoi Stock Exchange (HNX) like Asia Commercial Bank (ACB), Bao Viet Securities (BVS), VNDirect Securities (VND) also slipped, dragging down the market.

Besides, PVGas (GAS), PetroVietnam Construction (PVX), Tan Tao Investment Industry Corp. (ITA) turned back to opening price after soaring during the session.

Among speculative stocks, just a small portion kept their rising momentum after large-scale rallying trend in previous trading days. Real estate stocks Hoang Quan Consulting-Trading-Service Real Estate Corp. (HQC), Quoc Cuong Gia Lai (QCG), Hoa Binh Construction & Real Estate Corp. (HBC), DIC Investment and Trading (DIC) still hit the ceiling. Sao Mai Construction Corp. (ASM), Vietnam Electricity Construction (VNE) and Investment and Trading Of Real Estate (ITC) modestly rose.

Mineral stocks still jumped on large-scale with big bidding volumes, while rubber stocks strongly reducing their rallying momentum. Binh Thuan Mineral Industry (KSA), Binh Dinh Minerals (BMC), Hamico Group Mineral (KSH), Nari Hamico Minerals (KSS) still hit the ceiling with high liquidity levels.

Decliners amounted to 131 stocks on HoSE, outrunning 97 advancers. Decliners also strongly outran advancers 164 to 94 on the HNX.

At the close, the VN-Index turned to fall 1.51 points or 0.35 points to 432.9 points. HNX-Index lost 0.79 points or 1.04 per cent to end at 75.08 points.

However, liquidity continued improving as investors picked up cheap shares. HoSE’s total volume reached 82.6 million shares worth VND1.2 trillion ($57.9 million).

HNX’s liquidity reached 72 million shares worth VND693 billion ($33.5 million).