Business

Market stalls on tumbling blue chips

Stocks trod water on the HCM Stock Exchange on March11,with the VN-Index closing off a mere 0.2 percent to 524.24 points.
Stocks trod water on the HCM Stock Exchange on March11,with the VN-Index closing off a mere 0.2 percent to 524.24 points.

The value of the day’s trades also dropped by 15 percent from theprevious day’s total to 2.2 trillion VND (115.2 million USD), as volumealso slipped by 10 percent to just over 51 million shares.

“The loss of value by such market leaders as Vinamilk (VNM), Bao VietHoldings (BVH), Saigon Securities Inc (SSI) and other financial bluechips in the final minutes of trading is regarded as the main reasonfor the drop in the VN-Index,” said FPT Securities Co analysts in theirdaily report.

Sacombank (STB) held the position as the most active share, with nearly2.6 million traded. The HCM City market on March 11 also welcome thelisting of 8 million shares by Information and Networking Technology Co(CMT), CMT closed unchanged at 50,000 VND (2.6 USD) o a volume of82,450 shares.

On the Hanoi Stock Exchange, the HNX-Index also closed down by a modest 0.32 percent to 171.54 points.

Trading volume fell by nearly 30 percent to 27.2 million shares, wortha combined 937.7 billion VND (49.1 million USD), off 27 percent fromMarch 10’s value.

Except for construction giant Vinaconex (VCG) and shares in the Song Dafamily, other blue chips all lost value on the Hanoi market, includingAsia Commercial Bank (ACB), Kim Long Securities Co (KLS), PetroVietnamConstruction (PVX), and Saigon-Hanoi Commercial Bank (SHB)./.
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