Timid investors drive market down

This fall came despite news that Ho Chi Minh City’s November consumer-price-index rose just 0.28 per cent this morning.

Late last week, the central bank slackened the reins on its tight credit policies, but investor sentiment is yet to rebound.

Up to 178 stocks dropped in value on the main bourse, while 81 advanced and 46 saw no change.

Blue-chips Bao Viet Holdings (BVH) saw gains, while Masan Group (MSN) and Vincom Corp. (VIC) were significantly off .

Several real-estate stocks continued their downward trajectory with Ocean Group (OGC), Kinhbac City Development Share Holding Corp. (KBC) and Tan Tao Investment Industry Corp. (ITA) all hitting the floor, while Hoang Anh Gia Lai (HAG) and Licogi 16 (LCG) both took a battering.

But it wasn’t all bad news. Cotec investment and Land-House Development (CLG), Development Investment Construction (DIG) and Cotec Construction (CTD) hit the ceiling.

For financial stocks, Sacombank (STB), Military Bank (MBB) and Eximbank (EIB) ended higher with relatively robust matching volumes. STB, supported by the bank’s big buyback shares plan, outperformed the market again with 2.3 million units matched.

Shares for the lender closed at VND15,400.

Meanwhile, Saigon Securities Inc. (SSI), PetroVietnam Finance (PVF) and Vietinbank (CTG) all saw slight losses.

Dairy giant Vinamilk (VNM) hit the ceiling on the company bonus shares plan while confectionery giant Kinh Do Corp. (KDC) was unchanged.

Caution was the order of the day for both buyers and sellers with liquidity at 21 million shares worth VND326.7 billion ($15.8 million).

Hanoi Stock Exchange (HNX) fell further from last session’s record low to 61.68 points, down 0.5 points or 0.8 per cent. Some 151 stocks were off, compared with 68 advancing.

Major stocks, however, mainly saw modest falls or remained unchanged. Asia Commercial Bank (ACB) hit the ceiling at VND20,200.

Liquidity tumbled to as low as 18 million shares worth VND162.7 billion ($7.9 million).