Trading surges on bank stock buys
Trading surges on bank stock buys
On the HCM City Stock Exchange, the VN-Index finished yesterday down 0.59 per cent at 518.39 points.
Although it reached 525 points during the session, the highest it has been in three years, profit-taking stopped buyers from lifting the index.
Trading value hit a record high of VND2.5 trillion (US$119 million), while volume fetched more than 150 million shares.
The surge in value was partially due to trading on Sacombank (STB). More than 47.8 million STB shares, or 4.38 per cent of the total, changed hands yesterday at VND18,200.
Insiders said it was due to the bank's decision to sell off the stake of former chairman Dang Van Thanh and his son Dang Hong Anh to settle debts caused by illegal investment activities.
There was also heavy trading of STB shares on May 9 and 10. Dang Van Thanh and Dang Hong Anh owned more than 7.4 per cent of Sacombank, equivalent to around 80 million shares.
The VN30, tracking the southern bourse's top 30 shares, shed 0.47 per cent to finish at 581.95 points.
The top losers were property developer Vingroup (VIC), down 4.9 per cent; Refrigeration Electric Engineering (REE), down 3.5 per cent; Da Nang Rubber (DRC), down 3 per cent; and insurer Bao Viet (BVH), down 2.8 per cent.
On the Ha Noi Stock Exchange, the HNX-Index also lost 0.8 per cent to close at 64.62 points.
Nearly 71.5 million shares were exchanged at a value of around VND572 billion ($27.1 million).
Blue chips in Ha Noi drove the HNX30 down over 1.7 per cent to 125.51 points.
Foreign investors finished as net sellers, unloading a combined margin of VND43.9 billion ($2 million) on both bourses.
FPT Securities Co analysts predicted that growth would continue. "Declines such as yesterday's are just a technical correction," they added.
They recommended investing in blue chips and sectors supported by the Government.
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