Sep 26: Vietnam stocks extend loss on selling pressure

Vietnamese stocks fell today on higher selling pressure and on negative impact of global markets’ volatility.

The benchmark VN Index lost 5.87 points, or 1.33%, to end at 434.43. Volume fell 17.6% to 35.3 million shares worth VND642.6 billion including 7.9 million shares worth VND177.8 billion changed hands in the put-through deals.

VN Index opened in the red with 1.3 million shares traded. Market sentiment was not good and selling pressure was getting tenser as market progressed, especially after 10:30 a.m. Losses were seen across the board though no panic was seen.

Vietnam’s September CPI slowed down to 0.82% on month, the first monthly decline since August 2010, the General Statistics Office (GSO) said last weekend. The figure sent year-on-year inflation to 22.42%, down from 23.02% last month.

Meanwhile, Vietnam’s economy grew 5.76% in 9M/2011 led by the industry and construction sectors, which grew 6.62% YoY, contributing 2.76% to overall growth, the statistics office said.

In related news, both global and local gold prices plunged early today as recession fear prevailed, however, they bounced back strongly in the afternoon. Of note, the local gold premium set fresh all time high of VND4.8 million/tael, or 10.7% today, putting pressure on the dollar prices. Today dollar prices in the black market hit VND21,300, some gold shops in Hanoi stopped selling dollars.

Back to the market, the market breath today was broadly negative, among 301 shares listed firms on HOSE, losers outweighed gainers by 144-81 and 63 stocks unchanged. As many as 34 stocks fell to the floor while 26 issues hit the ceiling, 5% each side.

Among10 market caps, 2 unchanged and 8 lost.

Sacombank (STB) was the most active stock with 1.6 million shares traded, closing flat at VND14,200

Saigon Securities Inc. (SSI) was in the second place with 1 million shares traded, closing down 1.5% to VND20,100.

Thuan Thao Corporation (GTT) ranked third with 0.9 million shares traded, closing down 4.7% to VND6,100.

Tan Tao Investment – Industry Corporation (ITA) followed in the list with 0.7 million shares traded, closing down 1.9% to VND10,600.

PetroVietnam Fertilizer and Chemical JSC. (DPM) was in the last in the top 5 active list with 0.7 million shares traded, closing down 1.8% to VND32,400.

On the Hanoi Stock Exchange, the HNX closed down 1.18 points or 1.58% to close at 73.4. Trading volume fell 3.6% to 35.7 million shares traded for VND392.52 billion of which 2.6 million shares worth VND35.8 billion were changed hands in put-through deals.

Market breadth was negative with 77 gainers, 179 losers and 58 flat issues and 78 untraded. Among top 10 market cap stocks 2 gained and 1 unchanged and 7 fell.

Kim Long Securities JSC (KLS) was the most active stock with 2.9 million shares traded, closing down 1.6% to VND12,300 on average.

VNDIRECT Securities Corporation (VND) was in the second place with 2.4 million shares traded, closing down 2.3% to VND12,600 on average.

PetroVietnam Construction Joint Stock Corporation (PVX) ranked third in the list with 2.3 million shares traded, closing down 1.6% to VND12,100 on average.

Source Scarlet D./ Analyst / StoxPlus

Tags: vietnam stock, Vietnam stock market, VNindex