Stocks slump following profit-taking in HCM City

Stocks slump following profit-taking in HCM City

Shares on the Ha Noi Stock Exchange failed to sustain yesterday's momentum, with the benchmark HNX-Index closing this morning's session down 2.4 per cent at 68.52 points.

Decliners outnumbered advancers by 234-53.

The value of trades dropped 39.8 per cent over yesterday's level to just VND396 billion (US$18.85 million), while trading volume reached only 62 per cent of yesterday's figure, standing at 37.2 million shares.

VNDirect Securities (VND) surpassed Kim Long Securities (KLS) by 200,000 shares to lead the Ha Noi market in terms of trading volume with 5.4 million shares exchanged.

Meanwhile, the VN-Index on the HCM Stock Exchange lost another 1.66 per cent to conclude at 413.82 points, with 191 out of 286 codes losing ground.

Market value, however, reached VND721.6 billion ($34.3 million) on a volume of nearly 44.9 million shares, climbing 24 per cent in value and 18.2 per cent in volume over yesterday, as investors sold off shares.

Among the blue chips, insurer Bao Viet Holdings (BVH) – one of the 10 largest capitalised shares – bottomed out, while none of the group were able to make gains. Many other blue chips also tumbled, including steel maker Hoa Phat (HPG), hotel and entertainment service provider Vinpearlland (VPL), Sai Gon Securities Inc (SSI) and Refrigeration Electrical Engineering (REE).

Making its debut today, Military Bank (MBB) failed to satisfy investors' expectations, closing at its reference price of VND13,800. However, it was the most active stock in HCM City with over 2.7 million shares changing hands.

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