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Inflation fears makes stocks slide   2011-03-18 - VNS

Concerns over inflation bothered investors in the HCM City Stock Exchange yesterday, which caused the VN-Index to slide 1.1 per cent to finish at 463.85 points.

Trading volume fell 3.5 per cent from Tuesday to 36.3 million shares, worth VND838 billion (about US$39 million).

However, there were just 122 losers compared to 147 yesterday, with just 20 that fell to their floor prices.

They included insurer Bao Viet Holdings (BVH) down 4.7 per cent, LIX Detergent Co (LIX) and Traphaco Pharmaceutical (TRA) each down 4.6 per cent, resort developer Vinpealland (VPL) down 4.5 per cent, and Tay Ninh Rubber Co (TRC) down 4.2 per cent.

Blue chips began slowing the fall, with finance conglomerate Ocean Group (OGC) down 1.1 per cent, steel producer Hoa Phat Group (HPG) down 1.8 per cent and PetroVietnam Finance (PVF) down 2.3 per cent, while software producer FPT Corp (FPT), Sacombank (STB) and Masan Group (MSN) closed unchanged.

Phu My Fertiliser (DPM), Saigon Securities Inc (SSI) and VietinBank (CTG) even managed to make gains.

Data from Tai Viet Securities showed that blue chips suffered the most yesterday, with a drop of 1.89 per cent caused by the performances of BVH, VPL and property developer Vincom (VIC), which fell 2.5 per cent.

Analysts from Dai Viet Securities cited concerns over high inflation, fuelled by rumours on a TV stock market programme that March inflation could tip 3 per cent and that the Government monetary measures were also restraining the capital influx into securities.

The Sai Gon Tiep Thi newspaper has quoted a source from the Ministry of Planning and Investment as saying that the March consumer price index (CPI) was estimated to increase from 1.8 to 2.2 per cent over February.

The source cited the increasing prices of oil, fertilisers and food in the world market, that were putting pressure on commodity prices in the domestic market.

In yesterday's session, foreign investors were net sellers in the HCM City market, selling off 1.9 million shares worth over VND63.6 billion ($3 million).

In Ha Noi, the HNX-Index bounced back by 1.03 per cent to close at 91.98 points yesterday, which was attributed to positive trading by foreign investors.

Data from Tai Viet Securities showed that foreigners bought a net value of VND24 billion ($1.1 million), which helped blue chips rally, including civil constructor Vinaconex (VCG), PetroVietnam Construction (PVX), VNDirect Securities (VND) and Ha Noi Investment General Corp (SHN).

Volume closed up 3.5 per cent over Tuesday to 29.5 million shares, worth VND453.9 billion ($21.1 million).

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