Shares slip as buyers pull back
Shares slip as buyers pull back
The benchmark VN-Index retreated below the psychological barrier of 500 points by the end of yesterday's session following strong selling.
On the HCM City Stock Exchange, the VN-Index slid 0.35 per cent to close at 497.73 points with the decliners outnumbering advancers by 143-72. One hundred shares closed the session flat.
Some blue chips sustained gains in the morning, including Vinamilk (VNM), Phu My Fertiliser (DPM), VinGroup (VIC), Gemadept (GMD) and PetroVietnam Drilling and Well Services (PVD), which rose between 0.7-1.2 per cent. However, this failed to lift the whole market.
Half of the top 30 shares by market capitalisation and liquidity lost value, driving the VN30 down 0.05 per cent to 550.36 points.
While market volume lifted 20 per cent compared to the day before, reaching 36.5 million shares, trade value sank 30 per cent to nearly VND649 billion (US$30.9 million).
Newly-listed FLC Group (FLC) was again the most active stock with trades of 3.33 million shares, closing unchanged at VND5,300.
"Many investors opted to cut holdings to fend off risks arising from the uncertain market. Like previous trading days, the market kept swaying between gains and losses in a narrow range today," analysts at FPT Securities Co commented on their website yesterday.
Investor confidence eroded day after day as the market lacked a catalyst for a change, they said.
On the Ha Noi Stock Exchange, the HNX-Index also edged down 0.36 per cent to 61.22 points. The trading value remained low at just VND148 billion ($7 million) on a total volume of 16.7 million.
PetroVietnam Construction (PVX) was the most active firm with 2.23 million shares traded at VND3,900 each. Kim Long Securities (KLS) came second on trades of 2 million shares valued at VND8,400.
Foreign investors remained net buyers on both exchanges yesterday, picking up combined shares worth nearly VND48.6 billion ($2.3 million).
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