VN-Index slides further

The benchmark index went down slightly by 0.11% against the previous sessionto close at 982.71 points as losers outnumbered gainers by 153 to 129. The downtrend momentum maintained in most of the session, but gradually decreased toward the end of the session.

According to Bao Viet Securities, trading volume decreased slightly to below the average level of 20 sessions, indicating a significant decline in supply pressure around 975-980 points. The signals are expected to boost the market’s recovery in the short run.

More than 160 million shares worth over VND4.3 trillion were traded on the southern bourse, down 9% in volume, but up 10% in value from a day earlier.

Of these, large block deals saw over 32.6 million shares worth VND1.1 trillion from retailer VRE and some 6.3 million shares worth VND116 billion from lender EIB changing hands.

The major deal of VRE did not make positive impact on the price of its stock as the retailer inched down 1.5% at VND35,250.

VRE and lender TCB were the most actively traded stocks among the top ten by market capitalization with their respective traded amounts of 1.68 million and 1.37 million shares. TCB dropped a slight 0.2% at VND23,650.

Stocks in the petroleum and gas sector were strongly offloaded, so most of them declined. Oil drilling firm PVD lost 1% at VND20,600, but surprisingly, it led the market by liquidity with 10.7 million shares, and this was the record level since its listing on the exchange in late 2006.

Meanwhile, the VN-Index’s best performers included leading fuel distributor PLX (up 1.8%), jewelry maker PNJ (2%), phone retailer MWG (0.7%), and lender VCB (0.6%).

Construction firm ROS dipped a further 5.1% at VND30,000 and had a trading volume of 6.6 million shares, ranking second for liquidity on the main market.

On the Hanoi Stock Exchange, the HNX-Index rose by 0.16% versus Wednesday to end at 106.3 points. Trading volume on the market slumped 43% at 30.5 million shares, and its value fell 33% at VND435 billion.

In contrast to the southern exchange, many petroleum stocks on the northern bourse made gains, and have active contributions to the index. While PVB added 2% at VND20,000, its fellow PVS expanded 8.2% at VND24,600 and was the most actively traded stock with 7.79 million shares.

Lender ACB, stone manufacturer VCS, insurer PVI, and realty firm HUT were in negative territory.