May 12, Stock market drops below 500 points

Monday, May 12, 2008
The Ho Chi Minh City Stock Exchange (HOSE) today May 12 opened a new week by seeing another fall on the stock market when the VN Index slipped another 8.29 points or 1.65% to 492.04 pts with the total matching order trade of nearly 2,205,280 shares and fund certificates worth 102 billion dong.

Among 154 shares and fund certificates being listed on the southern bourse, there was no shares increasing while one share stood still namely VPL, one share with no trades was BTC and the remaining 152 shares decreasing. Of which, 150 share codes reached the floor price.

DPM reached the biggest trading volume with 1.2 million shares and followed by STB with 126,130, SSI with 99,240, SHC with 71,710, ITA with 58,800 and VHG with 50,450 shares.

Foreign investors still kept buying in with 52 shares and one fund certificate with the total trading volume of 1.356 million shares. Of which, DPM reached the biggest trading volume with 794,530 shares, SSI with 164,920 shares, VHG with 50,000 shares, FPT with 44,560 shares, TRC with 36,000 shares and others like VTO, ITA, VNM, HPG and RAL.

The dull performance the stock market has put on for the last few days causes many observers to expect it to drop even further down in the following sessions.

Investors are losing faith in the stock market and halt buying in more stocks. Many of them even choose to stay away from the stock market as none of them want to see more red color on the electronic boards.

Major factors behind the gloomy sentiment of the stock market are believed to be the recent consumer price hike, high rate of inflation and the bustling gold market which has caused many investors to leave the decreasing stock market.

Like the southern bourse, the Hanoi Securities Trading Center (HaSTC) today May 12 kept decreasing impetus on the stock market as the HaSTC Index lost another 2.96 points or 1.92% to end at 151.27 pts with the total market trade of 558,400 shares worth over 25 billion dong.

Amongst 136 listed shares on the northern bourse, the stock market saw five shares increasing while 100 others decreasing and 31 shares with no trade.

Five gainers were DAC, HPC, L62, MIC and XMC.
ACB and S99 showed the strongest decliner when losing 2,100 dong per share. Others lost below 2,000 dong per share.

There was no shares reaching the trading volume of over 100,000 shares. NVC took the pole place with 84,100 shares, MIC with 78,800 and BCC with 43,200 shares.