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Market down as bank stocks lose steam

Phuong Thao
Friday,  Jun 9,2017,09:01 (GMT+7)
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Market down as bank stocks lose steam

Phuong Thao

HCMC – The stock market eased off its three-day winning streak with a 0.44% decline on June 8 as bank stocks fell due to profit taking.

STB was the only gainer in the banking sector, adding 2.6% at VND13,800 a share with a matching volume of 3.6 million shares.

Other lenders listed on the HCMC market lost ground, with BID dropping 1.5%, CTG losing 1.8% and VCB and MBB inching down 1%. EIB fell 1.7% at VND11,800 per share though investors traded a hefty 53.2 million EIB shares via put-through deals at the ceiling price of VND12,800.

However, most bank stocks reported a high trading volume, in which BID was the most heavily traded stock with 3.7 million shares, MBB 2.3 million shares and VCB and CTG with over one million shares each.

ROS was the most notable laggard on the southern bourse as it plunged to the floor price of VND113,300 per share with trading volume shrinking sharply to less than 100,000 shares. The VN-Index fell 3.33 points against the session earlier at 750.13, with ROS alone taking away over 20 basis points from the index.

Some mining stocks also decreased after their recent gains. Having hit the ceiling price for eight sessions in a row, AMD fell to the floor price of VND21,850 per share with nearly 7.6 million shares changing hands.

The property and banking sector saw numerous losers such as FLC, HQG, SCR, DXG and DLG. FLC led the southern market by liquidity with over 9.9 million shares traded.

In contrast, DHG, which went up to the ceiling price of VND119,900 per share, and blue chips KDC, DPM, GMD and HPG helped curb the market downtrend. HPG rose for a third straight session, closing up 0.3% at VND31,500 per share with matching volume of 5.3 million shares, while KDC edged up 4.4% at VND46,400 per share and SSI up 0.8% at VND26,000 per share.

EVG debuted on the market on June 8, shooting up to the ceiling price of VND14,150 per share with volume of nearly 2.9 million shares. While most mining stocks dropped, KSA still hit the upper limit with volume of 8.3 million shares.

Turnover on the southern bourse improved to over VND5.2 trillion thanks mostly to large bloc deals. Aside from over 53 million EIB shares, investors traded 17.2 million VIC shares worth nearly VND706 billion, 1.75 million NVL shares worth VND122 billion and 1.06 million PNJ shares worth VND101 billion via put-through deals.

The Hanoi market declined after six consecutive rising sessions, with the HNX-Index dropping 0.22% from the day earlier at 97.25. Turnover tumbled to VND735 billion, including bloc deals valued at VND43.4 billion.

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