March 29: Vietnam Stocks Plunge on Massive Late Selling

31-Mar-2012 Intellasia | StoxPlus | 7:01 AM Print This Post

Vietnamese stocks ended the day deep in the red as investors sold off in late trading.

The benchmark VN Index lost 6.69 points or 1.5 percent to 439.63. Volume fell 9.15 percent to 74.5 million shares worth of VND1.05 trillion. Put-through trading contributed 3.39 million shares worth VND140.29 billion.

We saw 0.9 million FPT shares changed hands at the reference price of VND58,000 each and the market price was also the same. Other big deals included 0.58 million CTI shares and 0.54 million LSS shares changed hands.

VN30 also fell sharply, losing 6.06 points or 1.2 percent to 498.48. Volume plunged fell to 23.53 million shares worth of VND455.91 billion.

Market opened the morning session in the green with 2.5 million shares changed hands. However, the market was very choppy throughout the day, and selling pressure was tense. The afternoon session was more critical and sellers became more and more aggressive, sell-offs were seen from blue chips to pennies, sending the index to close at the low of the day.

Market breadth was very negative with 63 gainers, 198 losers, and 49 stayed unchanged, of which 23 limited up, 88 limited down.

Hardest hit stocks were speculative ones, including DIC, HT1, ITA, ITC, KSS, LCG, NTB,NTL, PTL, PVF, PVT, SAM, SBS, VNE….

Heavily weighs were less weak though they were almost all losers.

There was no specific market driving news for the market plunge today, it was sentiment-driven market. However, there will be two policies coming into effect from April 1, 2012 that are worth noting: The State Bank of Vietnam will publicise banks’ bad debts under international standard (Circular 35/2011/TT-NHNN) and the Ministry of Finance will apply solutions in the Circular 226/2010/TT-BTC for securities companies of group 2 (under watch) and group 3 (under special watch).

Broker shares were weak, SBS had a tour from the ceiling at the open to the floor at the close and on the way 3.4 million shares were changed hands.

EIB came second in the list with 3.3 million shares traded, bucking trend to close up at VND17,500/share.

MBB, SSI and SAM followed in liquidity with more than 2 million shares traded for each ticker.

On the Hanoi Stock Exchange, the HNX lost 2.33 points or 3.1 percent to 73.2. Trading volume eased 8.3 percent to 96.27 million shares traded for VND941.2 billion.

Market breadth turned negative with 63 gainers, 284 losers, 49 unchanged of which 19 limited up, 101 limited down.

Hanoi Building Commercial Joint Stock Bank (HBB) continued to be the most active player with 14.74 million shares changed hands, closing down at VND6,700 a share.

PVX (8.8 million shares), VND (7.4 million shares) and KLS (5.8 million shares) were other active players today. Of note, most of the shares were traded in the afternoon session.

 


Category: Stocks

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