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Index surges on blue chip sell-off

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1 Index surges on blue chip sell-off on Mon May 23, 2011 8:30 pm

HA NOI — A sharp sell-off of blue chips saw the VN-Index on the HCM City Stock Exchange surge 2.03 per cent to 454.91 points yesterday.

Transactions were more active with 28.5 million shares changing hands, compared to 24.1 million on Tuesday.

Total value was higher at VND537.5 billion (US$25.6 million).

In total, 169 stocks dropped in value, while 57 gained and 63 closed unchanged. The biggest losers were Viet Nam Container Shipping (VSC), PetroVienam General Service (PET), Licogi 16 (LCG), Thu Duc Water Supply (TDW) and Lilama 18 (LM8).

Half of the ten biggest capitalised stocks hit their floor prices, including insurer Bao Viet Holdings (BVH), down 5 per cent to VND85,500; resort developer Vinpearlland (VPL), down 4.7 per cent to VND62,000; property developer Hoang Anh Gia Lai (HAG), down 4.9 per cent to VND36,800; Masan Group (MSN), down 4.5 per cent to VND107,000 and Vincom (VIC), down 4.2 per cent to VND113,000.

Blue chips lost 2.61 per cent in total, followed by penny stocks, down by 1.19 per cent and medium-capitalised stocks lost 0.9 per cent, according to Tai Viet Securities' data.

Meanwhile, trading in Vietcombank (VCB) shares, which hit their ceiling price two days ago, slowed, gaining just 3.2 per cent to close at VND31,900.

However, VCB saw 2.2 million shares change hands, the biggest trade of the day.

Pham Van Duy, an analyst with a Ha Noi-based securities firm, said the cut-loss activities might widen to further push down the index. "This is worth considering," he said.

Meanwhile, the repo interest rate on Open Market Operations (OMO) was up 1 percentage point to 15 per cent a year on the dong market, which hinted that tightened monetary policies would continue in the long term, said Duy.

"That means money inflow into the securities market continued narrowing," he said.

The HNX-Index declined 0.88 per cent this morning to finish at 78.86 points. Volume rose to 28.7 million shares, from 24.3 million yesterday, reaching a value of VND347.6 billion ($16.6 million). Habubank (HBB) was the most actively traded share, with 2.4 million in shares changing hands. — VNS

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