Lower blue chips depress shares
Lower blue chips depress shares
Falling blue chips dragged shares down on both stock exchanges yesterday, further dampening investor sentiment.
On the HCM City Stock Exchange, the VN-Index slida for a third consecutive sessions, falling below the 600-point sentimental threshold at 596.11 points as investors continued to sell blue chips on fears that prices would decline further.
"The decline of blue-chips like BVH, GAS, MSN, VIC and VNM weighed on the southern exchange. The past long rally, with most stocks advancing over 50 per cent and many more than doubling the value from late 2013, fueled fears that current share values have overshot corporate earnings outlook," analysts of FPT Securities Co commented on the company's website.
With 25 of the top 30 shares by market value and liquidity losing value, the VN30 fell 0.71 per cent to end at 661.12 points.
Heavyweight shares such as Bao Viet Holdings (BVH), PV Gas (GAS), Masan Group (MSN), VinGroup (VIC) and Vinamilk (VNM) closed down by 0.5-2 per cent.
Falling prices attracted bargain investors, however, with market volume and value rising 20 per cent, totaling 128 million shares and fund certificates worth nearly VND2.6 trillion (US$123.2 million).
Real estate developer FLC Group (FLC) became the most active stock on trades of 8.5 million shares. FLC rallied 1.32 per cent to end at VND15,300 following Friday's news that the group received investment certificates for two big real estate projects worth a combined VND3 trillion ($142.2 million) in central Thanh Hoa Province.
The provincial authority approved the group's VND800 billion ($38.1 million) housing project and VND2.2 trillion ($104.76 million) eco-tourism and recreation project in Sam Son town.
On the Ha Noi Stock Exchange, the HNX-Index sank 0.79 per cent to close at 86.79 points while the HNX30 also closed 0.5 per cent lower at 182.32 points.
Trading was sluggish here with volume down 25 per cent to 61 million shares worth VND736.2 billion ($34.9 million), more than 20 per cent lower than Friday's level.
Hot stocks PetroVietnam Construction (PVX) and Sai Gon-Ha Noi Bank (SHB) were still the most active codes on the northern bourse with over six million of each changing hands. PVX closed flat at VND6,200 a share while SHB dipped nearly 1 per cent to VND11,000. Foreign investors concluded yesterday as net sellers on both exchanges, unloading shares worth a combined VND92.5 billion ($4.4 million).
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