Stocks extend four-day losses as banks slide

Stocks tumbled for the fourth day in a row on the two exchanges. The slump continued as investors unloaded shares in fear of liquidity drains from banking stocks.

Wednesday, February 04, 2015 10:13

Stocks tumbled for the fourth day in a row on the two exchanges. Theslump continued as investors unloaded shares in fear of liquidity drainsfrom banking stocks.

On the Hochiminh Stock Exchange, thebenchmark VN-Index lost nearly 13 points, or 2.26 percent, to close thesession at 557.47 points.

The VN30, which tracks the top 30 shares by market value and liquidity, also decreased 2.17 percent to end at 585.47 points.

The market condition was especially negative when the number of decliners nearly tripled that of advancers.

Bankshares were the biggest losers. Large banks like Bank for Investmentand Development of Vietnam (BID), Vietinbank (CTG), Eximbank (EIB) andVietcombank (VCB) plunged to just around the floor price, capped at 7percent a day.

According to many analysts, investors increasedselling out to earn short profits as these shares climbed substantiallyin previous rallies.

Liquidity improved just slightly yesterdaywith nearly 97 million shares worth 1.55 trillion VND (72.4 million USD)traded by the end of the session. It was up 15 percent compared toFebruary 2's figure.

FLC Group (FLC) remained the most activecode with trades of 7 million shares, but its price sank 1 percent toclose at 10,100 VND a share.

On the Hanoi Stock Exchange, theHNX-Index also tumbled 2.21 percent to finish at 82.56 points, led bythe downturn of blue chips like Asia Commercial Bank (ACB), down 7.71percent; Sai Gon-Ha Noi Bank (SHB), down 5.68 percent; and Sai GonThuong Tin Real Estate Co (SCR), down 1.3 percent.

The HNX30, the tracker of the top 30 shares by liquidity, also dropped 2.53 percent to end at 158.72 points.

The market breadth was also depressed with those in the negative doubling that of gainers.

Themarket volume saw little change from the previous session, totaling44.4 million shares worth 531.4 billion VND (25.2 million USD).

Theinvestment arm of FLC Group, KLF Joint Venture Global Investment co(KLF) led in the Hanoi market with 7.7 million shares traded, endingflat at 10,000 VND a share.

Foreign investors continued to selloff local shares yesterday but at a slower pace. Their activity isresponsible for a combined net sell of 43 billion VND (2 million USD)worth of shares in the two markets.-VNA

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