Week ends on a sour note

The VN-Index lost 13.56 points or 2.88 per cent, closing at 475.11 points.

The market’s fall surprised many investors, in light on local and global macroeconomics improvements. Asian shares gained Friday with global central banks’ moves to help prevent Europe’s funding crisis.

Sellers strongly offered their shares at even low prices, discouraging the market sentiment with investors increasingly fearing a market downtrend.

The pillar stocks Bao Viet Holdings (BVH), Masan Group (MSN) and Vincom Corp. (VIC) all hit the ceiling. A mass of blue-chips also dipped, among them Vinpearl Tourism and Trading (VPL), Kinh Do Corp. (KDC), Hoang Anh Gia Lai (HAG) and FPT Corp. (FPT).

Mid and small-caps largely fell in line with blue-chips’ fall. Up to 229 stocks declined on the bourse, among them 104 hit the floor. Just 34 stocks were up and 38 were unchanged.

Liquidity was high, with 59 million shares worth VND1.27 trillion ($61.95 million) traded. Put-through volume was of 7.3 million shares, worth VND295.4 billion ($14.4 million).

Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC) and Tan Tao Investment Industry Corp. (ITA) outperformed the market, with more than two million units matched each.

Blue-chips HAG, Sacombank (STB), PetroVietnam Fertilizers (DPM) also topped the active stocks today.

Hanoi Stock Exchange’s HNX-Index shed 1.49 points, or 1.95 per cent, to 74.88 points. Some 253 stocks were off, compared with 64 up and 74 unchanged.

Driving stocks Kim Long Securities Corp. (KLS), VnDirect Securities (VND), PetroVietnam Construction (PVX), Vietnam Construction and Import-Export (VCG) modestly fell.

Liquidity fell 20 per cent further to 51.76 million shares worth VND583 billion ($28.4 million), helped by weak demand for shares on the northern bourse.