May 14: Vietnam Stocks Plunge on Massive Sell-off

16-May-2012 Intellasia | StoxPlus | 7:01 AM Print This Post

Vietnamese stocks tumbled today on massive sell-off as investors feared further correction after the index posted strong gain year to-date and possible electricity price hike in sight.

The benchmark VN Index fell for a fourth day, losing 10.41 points or 2.17 percent to 469.69. Volume declined 3.19 percentto 110.3 million shares worth of VND1.99 trillion.

Put-through trading contributed 22.1 million shares worth VND545.64 billion. Of note, 20 million STB shares were changed hands in the put-through deal at the price of VND25,000 each.

The market breadth was broadly negative on the primary bourse where 29 stocks advanced, 260 fell, 14 closed unchanged.

The VN30 Index lost 11.59 points or 2.12 percent, to 536.35 with 29.2 million shares changed hands for VND665.4 billion.

The market opened in the red with 3 million shares changed hands. The trading pace was slow, caution rose, especially from the buy-side. Buying into VCB, the biggest weigh share on the bourse, and bottom fishing sent the index into the positive ground for a while but selling pressure was so high that the market went back to the negative territory soon. Floor actions were popular even for defensive stocks, market closed at the low of the day. Liquidity stayed high.

The market spot today was CT and VCB, two banking stocks. VCB listed its all shares on the bourse today and have the biggest weigh in the index of 12.96 percent from previous 3.03 percent according to HSC’s data. CTG share prices rose strongly after the news that the lender successfully issued $0.25 million non-secured international bonds at 8 percent yield.

Fifth largest listed lender Military Bank (MBB), the most active stock on a trade of 3.8 million shares, shed 3.23 percent to end at VND15,500.

Largest listed stock broker Saigon Securities Inc (SSI), coming second in liquidity with 3.2 million shares changed hands, slid 4.66 percent to settle at VND22,500.

Tan Tao Investment – Industry Corporation (ITA) retreated 4.4 percent to finish at VND8,700 on a trade of 2.8 million units – the third most active.

On the Hanoi Stock Exchange, the HNX fell 2.74 points or 3.36 percent to 78.84. Trading volume eased 0.34 percent to 91.5 million shares worth VND979 billion.

The market breadth was very negative where 39 rallied, 274 tumbled, 32 closed unmoved, and 51 were untraded.

Hanoi-based lender Habubank (HBB), the most active on the measure with 8.12 million shares changed hands, plunged 4.84 percent to end at VND5,900.

PetroVietnam Construction (PVX), coming second in liquidity on a trade of 7.9 million units, shed 6.31 percent to close at VND10,400 per share.

VNDirect Securities (VND) nosedived 6.11 percent to settle at VND12,300 on a trade of 7.11 million shares – the third most active.

 


Category: Stocks

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