Stocks fall amid further CPI increases
Stocks fall amid further CPI increases
National stocks failed to retain Monday's gains after it was announced that the consumer price index (CPI) in major cities would continue to climb.
On the HCM City Stock Exchange, the VN-Index lost over 1.2 per cent to 504.81 points after the city's CPI in August rose 0.31 per cent compared to last month, 1.26 per cent compared to earlier this year and 3.17 per cent compared to a year ago.
Trading value surged 36 per cent over Monday's session to VND1.55 trillion (US$73.1 million) as trading volume reached 65.9 million shares.
Losers overwhelmed gainers by 128-80.
The VN30 also shed 0.7 per cent to 557.52 points. Two thirds of the large-cap stocks tracked by the VN30 tumbled, including Vinamilk (VNM), property developer Vingroup (VIC), PetroVietnam Drilling Services (PVD), private equity group Masan (MSN) and insurer Bao Viet Holdings (BVH).
Investors negotiated 5 million MSN shares for VND435 billion ($20.5 million). However, transactions were placed at the reference price, so the stock failed to rally.
Meanwhile, foreign investors purchased 1.6 million shares of property developer Hoang Anh Gia Lai (HAG) after the company declared to restructure the second time and to achieve the target of VND1.1 trillion ($51.8 million) profit this year. The stock closed yesterday's session up 0.9 per cent.
On the Ha Noi Stock Exchange, the HNX-Index dropped 0.44 per cent, reaching 62.65 points. Meanwhile, the HNX30 ended at 117.11 points, a 0.8 per cent decline.
Trading was slower, with a VND181.8 billion ($8.5 million) turnover of 21.8 million shares.
Demand was not very negative, but selling pressure on blue chips prevailed, said FPT Securities Co in a website post.
"Supportive information is still absent from the market to be able to help investors expect an improvement," they said.
"However, the information that the Government Office agreed on the plan for extending foreign investors' ownership in the stock market will continue to support the recovery." In yesterday's session, liquidity maintained fairly good, except for the negative impacts of large stocks. The analysts said yesterday was just a technical correction.
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