Shares slump on falling blue chips
Shares slump on falling blue chips
Stocks opened high in HCM City but lost value by the end of yesterday's session, dragged down by a slump in large-cap shares.
On the HCM City Stock Exchange, the VN-Index fell 0.6 per cent to close at 515.09 points, while the VN30 tracking the top 30 shares by market capitalisation and liquidity was down 0.63 per cent to 571.79 points.
Big private sector group Masan (MSN) led the downturn with a 5.2 per cent loss at VND99,500 (US$4.7) a share. This is the fastest decline MSN has seen during the past six months.
Eximbank (EIB) followed with a 2.6 per cent decrease to VND14,700 ($0.7). Other shares such as insurer Bao Viet (BVH), real estate developer Vingroup (VIC), Vinamilk (VNM) and Phu Nhuan Jewelry (PNJ) dropped between 0.7-1.9 per cent.
Only one third of the blue chips managed to advance.
More than 62.5 million shares worth over VND1 trillion ($47.6 million) were exchanged by the end of the day.
Meanwhile, on the Ha Noi Stock Exchange, the HNX-Index edged 0.5 per cent up to 65.64 points on a trading value of nearly VND621.5 billion ($29.5 million).
The HNX30, which represents the northern bourse's top 30 stocks, put on 0.8 per cent to reach 126.63 points.
Ocean Hospitality and Service (OCH), one of the shares tracked by the HNX30, plans to shift from the Ha Noi Stock Exchange to the HCM City Stock Exchange this year. The company will also double its charter capital to VND2 trillion ($95.2 million).
From May 7 when OCH said it will increase capital to Wednesday, when the official decision was announced, the shares rose 37.5 per cent. It closed yesterday at VND22,000 (over $1).
Foreign investors shifted to be net sellers on both exchanges by a total margin of VND77.5 billion ($3.7 million).
"The resilience of the market is challenged by foreign investors restructuring their portfolios," noted FPT Securities analysts.
Meanwhile, benchmark indices were facing strong medium and long-term resistance levels, they added. "The net selling activities of foreign players will probably make this decline longer than expected."
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