Stocks slump on blue chip decline (10/9)

[xiuchic]

Shares on both national stock exchanges declined this morning following a short rise on Friday.

On the HCM City Stock Exchange, the VN-Index finished this morning at 388.55 points, down 2.25 per cent from Friday's close.

However, trading improved over the previous session, with almost 34.5 million shares, worth VND518.7 billion (US$24.7 million), exchanged, exceeding the levels of the entire trading day on Friday.

Losers outnumbered gainers by 203-28, half of which plunged to the floor prices, including large-cap shares such as insurer Bao Viet Holdings (BVH), property developer Hoang Anh Gia Lai Co (HAG), steelmaker Hoa Phat Group (HPG), Ocean Group (OGC), PetroVietnam Finance (PVF).

The VN30, tracking the top 30 shares by market capitalisation and liquidity, was also down 2.33 per cent to 455.10 points.

Telecommunication equipment provider SACOM Investment and Development (SAM) was the most active share this morning with total trades of 1.5 million shares, closing off 4.1 per cent at VND7,000 a share.

On the Ha Noi Stock Exchange, the HNX-Index lost 3.16 per cent to end at 58.48 points on a total turnover of more than VND165 billion ($7.9 million).

Decliners also overwhelmed advancers by 177-23, led by blue chips, shown in a decrease of 3.82 per cent of the HNX30, which tracks the performance of the top 30 shares on the northern bourse.

VNDirect Securities Co (VND) was the most active code with almost 2.8 million shares changing hands, plunging 4.1 per cent to VND9,300 a share.

Trading will resume at 1pm.

[xiuchic]

Shares declined yesterday on both nation's stock exchanges, reversing a one-day rise last Friday.

On the HCM City Stock Exchange, the VN-Index concluded yesterday's session at 388.88 points, a loss of 2.17 per cent from Friday's close. However, trading was more active than during the previous session, with almost 48.8 million shares traded, an increase of 46 per cent. The value of trades rose by 63 per cent to over VND833 billion (US$39.7 million).

Decliners outnumbered advancers by 216-33. While blue chips were the driving force for last Friday's gains, they were the primary culprit in dragging down the market yesterday.
The VN30 Index, which tracks the market's leading shares by capitalisation and liquidity, lost 2.22 per cent overall to end the session at 455.59. Insurer Bao Viet Holdings (BVH), Vietinbank (CTG), real estate developer Hoang Anh Gia Lai Co (HAG), steelmaker Hoa Phat Group (HPG), financial conglomerate Ocean Group (OGC) and PetroVietnam Finance (PVF) all plunged to their floor prices.

Food processor Masan Group (MSN) was among the few gainers, picking up 1.9 per cent for its second rising session in a row to close at VND105,000 per share.

Sacombank (STB) was the most-active share by the end of yesterday's session with trades totalling 2.9 million shares. STB closed flat at VND20,000.

FPT Securities Co analysts wrote on the firm's website yesterday that the market was overshadowed by unconfirmed rumours that a high-ranking executive of Tan Tao Investment Industry Co (ITA) as well as another unnamed executive were arrested. On the market, investors rushed to unload ITA shares, driving them to their floor price of VND5,500 per share.

On the Ha Noi Stock Exchange, the HNX-Index lost 3.84 per cent to end the day at 58.07 points. The value of trades reached only VND270 billion ($12.9 million).
Blue chips plunged even more steeply, with the HNX-Index dropping by 4.72 per cent to 107.61 points.

Kim Long Securities Co (KLS) was the most-active share with over 4.3 million traded, dropping to its floor price of VND8,100 a share.

Foreign investors bucked the market trend, continuing as net buyers on both bourses. They were responsible for buys worth a combined net of VND46 billion ($2.2 million).