Blue chip sales weigh on shares
Blue chip sales weigh on shares
Blue chip stocks sold off heavily yesterday afternoon, driving the VN-Index on the HCM City Stock Exchange down 0.13 per cent to close the session at 496.84 points.
Some of the VN30 (measuring the top 30 shares by market capitalisation and liquidity) maintained rises in the morning, including steelmaker Hoa Phat Group (HPG), Southern Rubber Industry Co (CSM) and Masan Group (MSN), but many lost value by the end of the session.
Losers included Hoang Anh Gia Lai Group (HAG), Phu My Fertiliser (DPM), FPT Corp (FPT), VinGroup (VIC) and Bao Viet Holdings (BVH) with falls from 0.7 per cent to 1.4 per cent.
With half of its members in a slump, the VN30 fell 0.13 per cent to hit 550.67.
Overall market condition was also negative as decliners outnumbered advancers by 118-70 while 93 codes closed unchanged.
According to many analysts, Wednesday's fuel-price hike accompanied by sluggish market sentiment in recent days further dampened investor interest.
They were hesitant to make new investments and only paid attention to shares with good fundamentals.
Heavy trading in blue chips helped lift total market value yesterday to more than VND1.33 trillion (US$63.5 million). VN30 shares made up more than 70 per cent of trading, valued at VND944.4 billion ($45 million).
Property developer VinGroup (VIC) remained the most active code. The total trade of 4.2 million shares changed hands at VND63,500 ($3.02) a share.
On the Ha Noi Stock Exchange, the HNX-Index sank in the red, closing yesterday's session off 0.44 per cent at 62.97 points.
Trading was still sluggish with nearly 20 million shares worth VND147 billion ($7 million) exchanged.
Shares of another property company, Sacomreal (SCR), were the most active in Ha Noi yesterday with 2.35 million exchanged at VND7,100 each, down 2.74 per cent from the previous session's closing price.
The foreign sectors were again net sellers in HCM City yesterday, unloading shares worth nearly VND18 billion ($857,000), but they continued to be net buyers in Ha Noi, buying shares worth VND5.5 billion ($262,000).
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