Markets slide after late sell-off
Markets slide after late sell-off
The stock markets could not retain earlier gainsNovember 15 as a sell-off followed a modest rally led by purchases of shares at low prices.
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| Source: VietstockFinance |
The VN-Index on the HCM City Stock Exchange shed 0.2 per cent to 386.91 points. Only 66 listed stocks increased, while the other 204 codes retreated or closed unchanged.
Trading value jumped by about 45 per cent over Wednesday's level to VND464.6 billion (US$22 million), and trading volume rose to 28.76 million shares.
Most blue chips tumbled, such as property developer Tan Tao (ITA), insurer Bao Viet (BVH), Military Bank (MBB), Phu My Fertiliser (DPM) and Financial Conglomerate Ocean Group (OGC) losing between 1.1-3.6 per cent and PetroVietnam Finance (PVF) hitting the floor price.
Of the 30 leading shares in terms of capitalisation and liquidity tracked by the VN30, only seven managed to rally.
The index, with only a small boost, ended 1.13 per cent lower at 457.08 points.
On the Ha Noi Stock Exchange, the HNX-Index fell 1.17 per cent, reaching 51.69 points. The number of gainers almost doubled that of losers, while most of the stocks finished yesterday's session unchanged.
Market value, however, climbed 37.7 per cent compared to Wednesday's figure to VND162.5 billion ($7.7 million) on a volume of 27.5 million shares.
The HNX30, representing the northern bourse's top shares, also slid 1.5 per cent to 94.25 points.
The two benchmark indices faced the important psychological levels of 389 and 52.50 points, according to VietCapital Securities Co analysts.
"If the indices exceed these levels with increasing liquidity, investors will buy shares in the short term," said the analysts.
In the medium term, they added, the market would rebound strongly if the VN-Index and HNX-Index passed 400 and 55 points.
Meanwhile, ACB Securities Co analyst Le Huynh Nhut Hai maintained his positive view for the coming sessions. However, Hai told investors to keep a minor ratio of shares due to conflicting signals on coming market trends
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