Blue chips weigh on VN-Index
Blue chips weigh on VN-Index
Shares were going down on the two national stock exchanges by the end of Monday's session, driven by declines of blue chips.
With 104 shares rising, 101 falling and 108 closing flat on the HCM City Stock Exchange, the VN-Index lost 0.22 per cent to finish at 482.38 points, while half of the top 30 shares lost value, driving the VN30 down a more substantial 0.71 per cent to 562.077 points.
Investors became more cautious in trading, with the trading value down 24 per cent from Friday's level to almost VND881 billion (US$42.2 million).
The market will fluctuate in the first sessions of this week as investor psychology fluctuates between greed and fear, according to analysts of HCM City Securities Co.
"Domestic investors are currently selling shares to lock in profits or standing outside the market to wait for a correction," they wrote in a note.
"The reason is that the current prices of many stocks are too high, as these companies are looking at lower growth this year than expected."
Property developer Tan Tao Investment Industry (ITA) continued to be the most active code on the HCM City bourse on total trades of 6.5 million shares, rising 6.9 per cent to settle at VND9,300 a share.
On the Ha Noi Stock Exchange, the HNX-Index also edged down 0.1 per cent, closing at 62.93 points.
Losers outnumbered gainers by 105-83 while up to 210 codes finished at last Friday's prices.
Trading was modest as just 50 million shares, worth more than VND427 billion ($20.4 million), changed hands.
Sai Gon-Ha Noi Bank (SHB) was again the most heavily traded stock nationwide with almost 10 million shares exchanged. The shares climbed 2.8 per cent to VND7,300 each.
Foreign investors, who were largely responsible for the market uptrend last week, turned to be net sellers on the two markets yesterday. They unloaded a combined VND51.74 billion ($2.5 million) worth of shares on both exchanges.
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