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Lower credit growth send stocks down
On Feb. 21, the State Bank's message on credit growth for this year sent stocks down on high volumes in both markets.
Quoted by the Sai Gon Giai Phong newspaper, Bank Governor Nguyen Van Giau said the Government had targeted a credit growth as low as 18-19 per cent instead of originally planned 23 per cent.
In HCM City, the VN-Index dropped 4.02 per cent to 483.68 points.
Trading volume doubled last Friday's figure to 50.4 million shares, totalling VND1.1 trillion (US$50.7 million) in value.
About 265 listed stocks and fund certificates declined in the session. Half of them saw no trading from the beginning of the day's trade.
They also included many blue chips, with Hoa Phat Group (HPG) down 5 per cent, insurer Bao Viet Holding (BVH) down 4.7 per cent, software producer FPT Corporation (FPT) down 4.3 per cent and Masan (MSN) down 2.2 per cent.
Sacombank (STB) was the most active with 3.3 million shares changing hands VND14,400 (US$0.69).
Only seven shares rose, including seafood processor Camimex Corporation (CMX), up 4.4 per cent, LIX Detergent (LIX), up 3.6 per cent, and Cuong Thuan Development&Investment (CTI), up 2.8 per cent.
In Ha Noi, the HNX-Index fell 5.6 per cent to 96.58 points.
The volume was 28.6 higher than last Friday with more than 36 million shares changing hands, at VND590.2 billion ($27.2 million).
The northern market had 298 losers, half of which saw no trading from the beginning, and nearly 60 others seeing ceiling falls. Only 17 gained.
PetroVietnam Construction (PVX) was the most active with 2.6 million shares changing hands at VND18,000 (US$0.86).
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