Blue chip slump hinders market
Blue chip slump hinders market
Vietnamese stocks continued to slide yesterday in contrast with widespread rebounds on other Asian stock markets.
On the HCM City Stock Exchange, the VN-Index gave up another 1 per cent to close yesterday's session at 468.55 points.
Slumps of blue chips again weighed on the market as 22 of the top 30 shares lost ground while only five advanced.
Heavyweight shares such as Vietcombank (VCB), insurer Bao Viet Holdings (BVH) and real estate VinGroup (VIC) were sold heavily.
VCB was the biggest loser with a 5.3 per cent decrease. BVH tumbled 4.5 per cent while VIC fell 3.1 per cent.
Others including Vinamilk (VNM), Hoang Anh Gia Lai Corp (HAG), Kinh Bac City Development (KBC) and Gemadept (GMD) also closed lower.
The VN30 was thus down 0.97 per cent at 523.51 points.
Mounting caution made investors retreat as both market volume and value declined around 40 per cent from Wednesday's levels, totalling nearly 40 million shares worth VND825 billion (US$39.3 million).
Tan Tao Investment Industry Corp (ITA) concluded yesterday as the most active stock with 3.2 million shares changing hands, but edged 1.8 per cent down at VND5,400 a share.
According to analysts at SHB Securities Co, the landmark of 466 points is a relatively strong supporting level for the VN-Index, but increasing sells by foreign investors put high pressure on the domestic market.
The foreign sectors were responsible for a net sell of nearly VND199 billion ($9.5 million) worth of shares on the southern market yesterday.
On the Ha Noi Stock Exchange, the HNX-Index also lost 0.53 per cent to finish at 60.36 points.
Trading was sluggish with 13.6 million shares worth VND110 billion ($5.2 million), down 40 per cent in volume and 50 per cent in value compared with the previous session.
Sai Gon-Ha Noi Bank (SHB) was again the most active stock on trades of 1.6 million shares, closing down 1.6 per cent to end at VND6,300 each.
Kim Long Securities (KLS) came second in liquidity with 1.4 million shares changing hands at VND8,300 a share.
Foreign investors were also net sellers on the Ha Noi bourse, unloading shares worth VND16.34 billion ($778,000).
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