Shares volatile on fears of correction
Shares volatile on fears of correction
The benchmark VN-Index closed Monday morning trade in positive territory, up 0.12 per cent at 802.14 points.
However, overall market condition was negative on rising investor fears of a downward correction.
On the HCM Stock Exchange, the number of declining stocks was almost double the increasing stocks (154-82). Some 107 stocks remained flat.
Blue chips were also on the defensive side with 15 of the top 30 largest stocks by market value and liquidity declining and 11 advancing. Losers included heavyweight stocks such as Vinamilk, PV Gas, lender BIDV and VinGroup.
The market was supported by strong growth of some specific stocks such as insurer Bao Viet Holdings and private equity Masan Group, both up over 3 per cent each; brewer Sabeco, up 2 per cent; Vietcombank, up 1.7 per cent; and Petrolimex and IT giant FPT Corp, both up by less than 1 per cent.
On the Ha Noi Stock Exchange, without the support of large-cap stocks, the HNX-Index inched down 0.39 per cent to 103.51 points.
The market has been climbing over the past two weeks and the VN-Index hit a new 10-year peak of over 802 points that fueled investors’ worry about an impending correction.
Liquidity was modest with some 99 million shares worth VND2.1 trillion (US$92.5 million) traded on the two markets.
Afternoon trade starts at 1pm.
