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Blue chips send shares tumbling

17-May-2012 Intellasia | VIR | 7:01 AM

Profit-taking continued during yesterday’s session, with shares ending in the red at lower trading value.

On the HCM City Stock Exchange, the VN Index shed 3 per cent, finishing at 455.65 points.

Market value decreased by 20 per cent compared to Monday’s level, totalling nearly VND1.6 trillion (US$76.1 million) on a volume of nearly 97.2 million shares.

Only Sacombank (STB) amongst the 10 leading shares by capitalisation added 1.7 per cent, which failed to lift the index as the other nine stocks tumbled. Particularly, the largest share – Vietcombank (VCB) – along with Vietinbank (CTG) and insurer Bao Viet Holdings (BVH) plunged to floor prices.

The VN30 tracking the bourse’s 30 best stocks also lost 2.5 per cent to 522.90 points.

On the Hanoi Stock Exchange, the HNX-Index slid 2.6 per cent, standing at 76.81 points. Losers outnumbered gainers by 268-37.

Around 78.2 million shares worth a combined value of VND806 billion changed hands, dropping 17.7 and 14.5 per cent against the previous trading day’s figures, respectively.

The most heavily traded code was again Habubank (HBB) with 7.7 million shares changing hands.

A few days ago, there was information that Vietnam Electricity planned to increase electricity rates by 5-10 per cent. “This is one of the factors that has made investors more cautious recently, especially when the pressure of profit-taking becomes really strong after a ‘hot’ recovery,” commented Kim Eng Securities Co analysts.

Meanwhile, according to Bao Viet Securities Co analyst Nguyen Xuan Binh, the correction could last for more than one month. “Investors may sell shares in their short-term portfolios when the indices turned green back,” he wrote in a note.

Saigon Securities Inc analysts stated that the market would soon rally. “However, the rally will not retain if there is little support.”

While the market needed more supporting information, yesterday’s data about widening the cap on lending rates was not strong enough to give a boost.

 


Category: Stocks

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