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Plunging blue chips depress Index

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1 Plunging blue chips depress Index on Mon May 23, 2011 8:25 pm

HA NOI — A sharp decrease in Ha Noi's inflation rate failed to bolster trading in the domestic markets yesterday, with the VN-Index in HCM City falling 2.69 per cent to close at 432.87 points.

Trading volume rose slightly from Thursday to 26.7 million shares worth VND587.1 billion (US$28 million).

Blue chips suffered the most, and across the board a total of 180 out of 289 shares fell. Resort developer Vinpearlland (VPL) was down 5 per cent, followed by Masan Group (MSN) and insurer Bao Viet Holdings (BVH), both down 4.9 per cent, and dairy producer Vinamilk (VNM) down 4.4 per cent.

Penny stocks defied the trend, with 48 codes making gains. Nari Hamico Mineral (KSS) was up 5 per cent, Vinh Hoan Corp (VHC) up 4.8 per cent, Cuu Long Petro Urban Investment and Development (CCL) up 4.7 per cent and Interfood Shareholding (IFS) up 4.7 per cent.

The Ha Noi Statistics Office announced yesterday that the city's May inflation rate rose 1.76 per cent month-on-month compared to 3.3 per cent in April.

On the Ha Noi Stock exchange, the HNX-Index dropped to its lowest point since February 2009, closing down 1.61 per cent at 76.98.

Decliners outnumbered advancers by 216-56.

Market value came to VND315.2 billion ($15 million), an increase of 5 per cent over yesterday, with around 20 million shares traded. VNDirect Securities (VND) was the most active share with 1.7 million changing hands. It closed down unchanged at VND13,400.

Analysts from Woori CBV Securities said that investors were stand-offish with the market in this trough, causing further woes.

The fall was much dependent on blue chips that performed well in previous weeks, leading to increased profit-taking, they said, adding that the VN-Index was likely to hit the 420 point psychological mark next week.

Purchase should increase significantly when the index reached that mark, they added. — VNS

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