Shares sag as investors hold back
Shares sag as investors hold back
Shares plunged further by the end of the afternoon's session with the VN-Index falling 1.1 per cent to finish January 22 at 442.85 points.
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| Source: VietstockFinance |
Investors were cautious in the face of the recent correction phase; just 67.3 million shares, worth VND888.8 billion (US$42.5 million), changed hands.
Blue chips led the downturn as 27 of the top 30 shares on the bourse lost value, driving the VN30 down 1.27 per cent to stand at 521.19 points.
Tan Tao Industry Investment (ITA) continued to be the most active share on trades of 4.8 million shares, edging down 4.35 per cent at VND6,600 a share.
"The trading volume kept declining which showed that demand is currently weak. It seems the current price range is not attractive enough," analysts of BIDV Securities Co wrote in a report, predicting the market would continue to adjust in the coming session.
Besides, net buys by foreign investors also showed signs of decline, they noted.
This was noteworthy because the market was rising in the past partly owing to aggressive foreign buys in blue chips.
"Shifts in trading of foreigners could bring risks to the market in the near future," the analysts said.
Foreigners still concluded as net buyers on the HCM City exchange yesterday but their total net buys declined to just VND39 billion ($1.9 million).
On the Ha Noi Stock Exchange, the HNX-Index fell by a more substantial 2.73 per cent to close yesterday's session at 59.49 points.
Trading improved slightly in the south with 78.6 million shares, worth VND550.86 billion ($26.4 million), traded, up 50 per cent from Monday's value.
With a whopping 17.5 million shares changing hands yesterday, Sai Gon-Ha Noi Bank (SHB) was again the most heavily traded stock nationwide, but the shares gave up 4.5 per cent to close at VND6,400 a share.
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