Government move not enough to stop fall
10-07-2012
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Late last week, the central bank asked commercial banks to lower all lending rates for existing loans to less than 15 per cent. Besides, the government would accelerate its public investment disbursement.
However, the benchmark VN-Index of the Ho Chi Minh Stock Exchange (HoSE) broke through the 410 points resistance level, down as high as 7.32 points to 1.76 per cent to 408.1 points. The HNX-Index of Hanoi Stock Exchange (HNX) lost 1.47 points or 2.11 per cent to 68.2 points.
Even large cap stocks hit the floor today. Real estate blue-chips Ocean Group (OGC), Kinh Bac City Development Share Holding Corp. (KBC), Song Da Urban & Industrial Zone Investment and Development (SJS) hit the floor.
Key pillar stocks like Masan Group (MSN), Bao Viet Holdings (BVH), Vinamilk (VNM), Vincom Group (VIC), PetroVietnam Gas (GAS) strongly shed.
Banking stocks stayed modest. Those stocks mostly ended flat or just shed some 1 per cent each.
Meanwhile, speculative stocks in the real estate and mineral sectors saw a sharp fall again. Those stocks largely hit the ceiling or nearly hit the ceiling on big selling pressures.
HNX’s leading stocks like securities company shares VNDirect Securities (VND), Kim Long Securities (KLS), Saigon-Hanoi Securities (SHS), Bao Viet Securities (BVS) all lost more than 4 per cent each. PetroVietnam Construction (PVX), Vietnam Construction and Import-Export (VCG) and real-estate in Song Da-family stocks sharply fell as well.
Despite the market’s continuous fall, demand for shares stayed weak. HoSE’s total liquidity was just 32 million shares worth VND444 billion ($21.4 million), with matching values at VND378 billion ($18.3 million).
Also, HNX liquidity fell to VND261.9 billion ($12.7 million).
Overall, 200 stocks ended off on the southern bourse compared with just 43 up. The HNX witnessed 191 stocks off and 53 up.
