Shares slump as investors retreat
Shares slump as investors retreat
Shares declined further yesterday afternoon due to the lack of bottom-fishing that had bolstered the market on Monday.
On the HCM City Stock Exchange, the VN-Index lost 5 points (1 per cent), to close at 485.57.
Heeding warnings from analysts that the market remained very volatile, investors mainly stayed away, pushing down market trades.
Almost 28 million shares worth VND561.5 billion (US$26.7 million) changed hands, down 35 per cent in volume and 40 per cent in value compared to Monday's levels.
Blue chips continued to sink as only two of the 30 largest shares, Eximbank (EIB) and Vietinbank (CTG), made gains.
Heavyweight shares including Vinamilk (VNM), VinGroup (VIG), Masan Group (MSN) and Bao Viet Holdings (BVH) tumbled from 0.6-2.6 per cent.
Trades on these 30 shares also decreased, totalling VND189 billion ($9 million) or 47 per cent of the total market value, far lower than the daily average of 50-60 per cent.
As a result, the VN30 slipped 0.63 per cent to reach 539.97 points.
FLC Group (FLC) was the most active stock yesterday with 1.5 million shares traded, causing a 3.85 per cent slump to end at VND5,000 a share.
Property developer Hoang Quan Corp (HQC) closely followed, with total trades of 1.4 million shares changing hands to secure a loss of 1.64 per cent, closing at VND6,000 each.
On the Ha Noi Stock Exchange, the HNX-Index shed 0.62 per cent to finish at 61.41 points.
Market volume continued to wane, totalling around 12 million shares, but the value of trades was up 10 per cent to VND140 billion ($6.7 million).
Sai Gon-Ha Noi Bank (SHB) remained the most active code with 1.5 million shares traded at VND6,500 a share.
Foreign investors returned as net buyers on the HCM City market for a modest margin of VND5.8 billion ($276,200), but they remained net sellers on the Ha Noi market with a net value of VND39.6 billion ($1.9 million).
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