Shares plummet on profit-taking

Jan 11th at 16:58

11-01-2014 16:58:55+07:00

Sales pressure at the end of yesterday's session saw shares dip, and only the VN-Index on the HCM City Stock Exchange gained 0.4 per cent to reach 518.94 points.

Meanwhile, the VN30 Index, tracking the city's 30 leading shares by capitalisation and liquidity, shed 0.2 per cent to hit 576.16 points.

Nearly 40 per cent of the listed codes closed in the red, including 17 of the 30 blue chips.

Profit-taking drove the trading value up 32.4 per cent to VND1.8 trillion (US$84.9 million) as 107.2 million shares changed hands.

On the Ha Noi Stock Exchange, the HNX-Index ended at 70.76 points, losing 0.56 per cent.

The HNX30 Index, tracking the bourse's top 30 shares, also fell 0.7 per cent to 134.92 points.

Trading value decreased 16.7 per cent compared to Thursday's session, reaching VND514.6 billion ($24.2 million) on a volume of 53.9 million shares.

Although the VN-Index successfully exceeded its resistance on Thursday and continued to rise yesterday, technical indicators showed that it would decline in the coming sessions, said FPT Securities analysts.

Meanwhile, the HNX-Index's support level is 68.50-70 points and its resistance is 73 points.

While the market could tumble during some sessions in the next trading week, Bao Viet Securities analyst Tran Hai Yen is confident that it will rebound thanks to the profitable performance of several enterprises.

Vo Dinh Khoi from ACB Securities was also positive about the market's medium-term prospects. "The VN-Index is recovering to last year's peak of 533 points," he said.

For the short term, investors could buy more blue chips, he added.

Foreign investors concluded yesterday as net buyers on both exchanges, with a combined margin of VND93.9 billion ($4.4 million).

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