Both bourses hit by shift from blue chips
Both bourses hit by shift from blue chips
The market outlook was as bleak as the Ha Noi weather yesterday after steep declines on both stock exchanges.
On the HCM City Stock Exchange, the VN-Index shed more than 8 points (1.67 per cent) to close at 485.69 points.
Blue chip slumps weighed heavily on the market as many of the top 30 shares by market capitalisation and liquidity slipped by between 1.6 and 3.1 per cent. These shares included Masan Group (MSN), REE Corp (REE), Vinamilk (VNM), VinGroup (VIC) and Hoa Phat Group (HPG).
The VN30 was also down 1.37 per cent at 537.42 points.
Trading value plunged 34 per cent from the previous session, totalling just VND685.7 billion (US$32.7 million) on a volume of over 32.8 million shares.
"The shift from blue chips to mid-cap and penny stocks has hit the market. We expect big companies to release positive business results in the coming time and that will help the market rebound," analysts at financial website vietstock.vn commented yesterday.
Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC) was the most active code on the HCM City market with nearly 1.7 million stocks traded at VND5,600 a share, down 5.1 per cent from Friday's close.
On the Ha Noi Stock Exchange, the losses of major shares in the HNX30 basket drove the HNX-Index down 0.9 per cent to finish at 60.78 points.
The HNX30, tracking the 30 largest shares, fell by a steeper 1.65 per cent to hit 113.02 points. The biggest losers included PetroVietnam Drilling Mud Co (PVC), Sai Gon-Ha Noi Bank (SHB), Sacomreal (SCR) and PetroVietnam Construction (PVX) with losses of between 1.2-2.4 per cent.
Yesterday was the first day the Ha Noi Stock Exchange extended its trading hours from 2.15pm to 3pm, but this failed to boost trading with market value decreasing 24 per cent from Friday to around VND125.2 billion ($6 million).
Property developer FLC Group (FLC) was the most active share with 2.5 million shares changing hands at VND5,400 each.
Yesterday was the final trading day of FLC on the Ha Noibourse, as it makes the switch to the HCM City market from today.
Foreign investors continued to unload shares in HCM City with a net sell value of VND81.6 billion ($3.9 million) but they were net buyers in Ha Noi, picking up shares worth VND3.7 billion ($176,000).
vietnamnews
