Speculative buying follows market slump
Speculative buying follows market slump
Shares opened high this morning on both stock exchanges but gradually declined towards the end of the morning's session.
On the HCM City exchange, the benchmark VN-Index fell from more than 491 points in the early morning to 486.38 points, down 0.4 per cent from yesterday's close.
Decliners outnumbered advancers by 132-65.
Blue chips led the downturn as many of the top 30 shares on the southern bourse lost value, including dairy giant Vinamilk (VNM), food processor Masan Group (MSN), software giant FPT Corp (FPT), Eximbank(EIB) and Vietinbank (CTG).
The VN30 was also down 0.3 per cent to 550.32 points.
Total value of trades was still high, however, reaching VND651 billion (US$31 million). Trading focused on speculative stocks such as Hoang Quan Consulting-Trading-Serving Real Estate (HQC), Tan Tao Investment Industry (ITA) and Pha Lai Thermal Power (PPC).
HQC and ITA were the two most active codes this morning with more than 5 million shares changing hands while PPC also saw over 2.8 million shares traded. All three shares climbed in value, from 1.5 per cent to 6.3 per cent.
On the Ha Noi Stock Exchange, the HNX-Index also slumped 0.74 per cent to close at 60.29 points on a trading value of VND239 billion ($11.4 million).
Speculation is rampant here as well. The three most active codes being PetroVietnam Construction (PVX) with 6.3 million shares traded; Sai Gon-Ha Noi Bank (SHB), 5.4 million shares traded; and property developer Sacomreal (SCR), 5 million shares exchanged.
Trading will resume at 1pm.
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