Weak willed investors pull market down

The nation’s index (CPI) growth for June was posted at 1.06 per cent this morning – the lowest pace in eight months.

Despite the news, trading volumes remained low at 21.9 million shares worth VND403.3 billion ($19.5 million) on the Ho Chi Minh Stock Exchange (HoSE). The VN-Index lost 1.35 points or 0.31 per cent to 433.4 points.

No stock had more than one million shares traded today. Saigon Securities Inc. (SSI) outperformed with just 787,000 units changing hands, followed by Tan Tao Investment Industry Cop. (ITA), Sacombank (STB) and Refrigeration Electrical Engineering Corp. (REE).

Major stocks ended mixed with banking shares STB, SSI and Vietinbank (CTG) up, blue-chips Vincom Corp. (VIC), Masan Group (MSN) and Vinamilk (VNM) unchanged  while PetroVietnam Finance, Bao Viet Holdings fell.

A few small and mid-cap stocks hit the ceiling but had just a small volume changed hands. Some 109 stocks gained with just 13 hit the ceiling on the southern bourse, while 90 were unchanged and 92 declined.

“Positive news such as lower interest rates, successful government bond auctions, a more stable exchange rate cannot drown the other concerns like low GDP growth, the trade gap and particularly enterprises’ poor Q2 business results,” said Au Viet Securities. “Investors are turning to defensive positions.”

Hanoi Stock Exchange advanced with HNX-Index adding 0.52 points or 0.69 per cent to 75.78 points. Some 138 stocks climbed while 97 eased back and 149 unchanged on the northern bourse.

Major stocks moved modestly around the open prices, in which securities shares were largely up. Thai Hoa Vietnam Group (TVH) shed 2.53 per cent and Saigon-Hanoi Bank (SHB) lost 2.33 per cent.

Kim Long Securities was active the most with more than four million shares traded, followed by PetroVietnam Construction (PVX) with 2.3 million shares changing hands. Major stocks Vietnam Construction and Import-Export (VCG), Bao Viet Securities (BVS) and Sacomreal (SCR) saw just below 600,000 units matched.

Liquidity declined 12 per cent to 23.2 million shares with value reached just VND283 billion ($13.7 million).