After a furious day of ETF (exchange traded fund) trading last Friday, the local market on Monday tumbled back as high inflation in September hurt sentiment, with the VN-Index shedding 5.11 points, or 1.29%, against the previous session to close at 390.37.
The market opened several points in the red but traded a bit higher before falling back. Stocks then embarked on a second run to hit the daily high of 394.54 points before dropping back again to levels just above the open by the end of the morning session. In the afternoon, the market traded lower and finally closed just above the lows.
Liquidity on the Hochiminh Stock Exchange sharply declined, with volume and value contracting 53% and 58% respectively against last Friday to 27.7 million shares worth VND474 billion. The put-through market was a lot quieter with just one noticeably large transaction seen in VIC.
Losers far outnumbered gainers at 164 to 57, with 24 stocks hitting the ceiling prices and 66 others plunging to the floor prices. The VN-Index was dragged down the most by GAS and VCB while EIB, which continued to attract strong demand, along with MSN helped pare losses.
Eximbank (EIB) led the market for liquidity, jumping 4.3% to VND14,500 per share with 1.9 million shares traded. Ocean Group Company (OGC) was the second most heavily traded stock but it dipped 3.9% against the previous session to VND9,800 on a volume of 1.3 million shares.
Foreign investors posted a net selling value of over VND52 billion, the biggest one-day sell-off in nearly three months. They accounted for 13% and 24.5% of the market?s buying and selling value respectively.
The Hanoi market also slipped back with turnover shrinking to VND161 billion. The HNX-Index fell 0.25 point, or 0.44%, from the session earlier and ended the day at 56.46.
Only 51 stocks advanced while 138 stocks posted losses, including 19 stocks going up to the ceiling prices and 48 stocks dropping to the floor prices. Foreigners accounted for 1.8% of the buying value and 1.4% of the selling value.
HCMC Securities Corp. in its on Monday?s report noted that last Friday?s rally had receded into the past with no follow-up buying from the open on Monday and indeed, few investors even showed up. The technical buying of recent weeks had also come to an end for now.
Viet Capital Securities Co. said that both indices are looking to trade sideways with weak supply and demand. Investors should take advantage of intraday uptrend to consider lowering portfolio weights and wait for more positive signals.
The Saigon Times Daily
Source: http://www.saigonmoney.com/2012/09/25/inflation-fear-sends-stocks-down/
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