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VN Index opened in the green with 2 million shares traded. The trading was more active in the continuous session but selling pressure was felt from9:30 a.m., which was believed to be from traders who chose to lock in their profit. The selling of heavy weighs like BVH, MSN also help worsen the market at the close today, sending the index back to the negative ground in the last 15 minutes of ATC session.
Market breadth remained positive, among 306 listed firms on HOSE, gainers outweighed losers by 118-107 and 64 stocks unchanged and the rest untraded. As many as 42 stocks hit ceiling while 32 issues fell to the floor, 5% each side.
Among top 10 market caps, 3 rose (VPL, CTG, STB), 4 fell (HAG, MSN, VCB, BVH) and 3 unchanged (EIB, VIC VNM).
Analysts said market needed to test cash flows to see where it will go.
There were plenty of news today. It is estimated that Vietnam GDP to reach $119 billion this year equivalent to earnings per head of $1,300/year.
The country’s trade deficit slowed down to $10 billion in 2011 from $12.6 billion last year with export revenue rose 33% to $96 billion. Vietnam also expects to run a positive balance of payment of $3.1 billion this year when the inbound remittance is seen at $9 billion.
Dollar prices have been declining in the past few days and analysts believe there will not be shocks in the exchange rate this year-end season as import demand slowed down, partly due to sluggish performance of local property market.
The State Bank of Vietnam has approved in principle to merge three banks into one: Ficombank, TinNghiaBank and Saigon Commercial Bank (SCB) backed by BIDV as state capital representative to ensure no bankruptcy and rights of depositors.
SBV’s governor Binh said the number of weak banks will reduce soon.
Market also received news from the State Securities Commission, the country’s stock market watchdog, that the SSC will sent the Ministry of Finance the plan to shorten trading settlement to T+2 from current T+3.
In separate stocks, market leading hot issue, securities stock SSI, turned tail today to close in the negative ground with trading volume stayed high at1.2 million shares traded though the stock traded in the green for most of trading time today.
Property SJS was a spot light in the market today when its share prices stayed firmly at the ceiling level.
Tan Tao Investment – Industry Corporation (ITA) led the market in volume with 2.5 million shares traded, closing up 2.6% to VND7,800.
Becamex Infrastructure Development JSC. (IJC) was second most active stock with 1.9 million shares trade, closing up 2% to VND10,300.
Bac Giang Exploitable Mineral JSC. (BGM) suddenly appeared in the top 5 most active stocks with 1.7 million shares traded, staying in the third place. Its share price closed up 3.7% to VND5,600.
Vinh Son – Song Hinh Hydropower Jsc. (VSH) ranked forth with 1.3 million shares traded, closing down 4.5% to VND10,600.
Saigon Securities Inc. (SSI) was in the fifth place with 1.2 million shares traded, closing down 0.6% to VND17,200.
On the Hanoi Stock Exchange, the HNX closed down 0.69 point or 1.09% to 62.78. Trading volume fell 13.05% to 37.5 million shares traded for VND340.72 billion of which 1.5 million shares worth VND17.15 billion were changed hands in put-through deals.
Market breadth was positive with 162 gainers, 88 losers and 62 flat issues and 81 untraded. Among top 10 market caps, 4 gained, 4 unchanged and 2 lost.
Of note, share prices of Orient Securities Corporation (ORS) continued to fall VND100 to VND2,500/share while share prices of Thai Hoa Viet Nam Group JSC (THV) rose to the ceiling for third straight day to VND4,900.
High liquid and speculative shares KLS, VND, PVX, were all gainers on average but closed in the red.
VNDIRECT Securities Corporation (VND) was the most active stock with 4.8 million shares changed hands, closing up 0.9% to VND10,900.
PetroVietnam Construction Joint Stock Corporation (PVX) came second with 3.8 million shares traded, closing up 3.3% to VND9,400 on average.
Kim Long Securities JSC (KLS) ranked third in the list with 3.7 million shares traded, closing up 0.9% to VND10,800 on average.