VN30 off to a poor start

February 06, 2012 | 16:25

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The stock market today significantly fell instep with the launch of the new index of blue-chips.

The VN30 shed 0.03 points to 449.38 points from the initial level of 449.41 points, thanks to a strong selling pressure of blue-chips in this morning. Pillar stocks Masan Group (MSN) hit the floor, while Vinamilk (VNM) slipping 0.57 per cent, strongly dragging the market down.

Besides, Vietinbank (CTG) hit the floor, Military Bank (MBB) strongly fell while Vietcombank (VCB) and Saigon Securities Inc. (SSI) were significantly off.

Several large-cap stocks also fell, among them PetroVietnam Drilling and Well Services (PVD), PetroVietnam Fertiliser (DPM) and Hoang Anh Gia Lai (HAG).

Small-cap and mid-cap stocks also tracked the declining of major stocks, pushing the benchmark VN-Index of the Ho Chi Minh Stock Exchange (HoSE) down 2.01 points or 0.5 per cent to 399.73 points.

Decliners on HoSE amounted to 140 stocks, doubling the 77 advancers. Some 89 stocks ended flat.

However, a number of major stocks still rose amidst a common downward trend. Particularly, speculative real estate stocks Becamex Infrastructure Development (IJC), Tan Tao Investment Industry Corp. (ITA), Ocean Group (OGC) strongly rallied. Those stocks jumped 4-5 per cent and all were among top active stocks.

Real estate giant Vincom Corp. (VIC) gained 4 per cent to VND118,000. Also, Binh Duong Trade and Development (TDC) and Khang Dien House Trading and Investment (KDH) sharply gained with large matching volumes.

Trading volume kept modest at 32.92 million worth VND427.1 billion ($20.6 million), with the put-through volume hitting 13.5 million shares worth VND71.7 billion ($3.5 million).

The volume of stocks involved in the VN30 was of 13.5 million shares worth VND222.2 billion ($10.7 million). Banking liquidity continued to be strained at minor banks, while interest rates remaining high like they did before Tet.

The Hanoi Stock Exchange lost 0.36 points or 0.58 per cent to end at 61.49 points, after 183 stocks declining on the bourse. Just 57 stocks were up. Total volume hit 35 million shares worth VND285 billion ($13.8 million).