Shares tumble on protest violence
Shares tumble on protest violence
Stocks declined on both national stock exchanges in yesterday's session, an unexpected move after the morning's increases, although foreign investors continued to buy en masse.
Investor psychology worsened as protests against Chinese-owned businesses in Binh Duong and Ha Tinh provinces destroyed factories and properties.
While stock analysts said the downturn would be short, many investors rushed to unload shares.
On the HCM Stock Exchange, the VN-Index lost 5.5 points, or 1.03 per cent, to close yesterday at 524.05 points, although it surpassed 535 that morning.
The market condition was negative with 160 shares falling, 64 rising and 77 closing flat.
Blue chips continued to be the main drag on the market as 20 of the top 30 shares by market value and liquidity declined and only seven rose. The VN30 ended 1.08 per cent lower at 575.53 points.
However, low prices attracted bargain-seekers. Market volume rose 20 per cent over Wednesday, totaling 132.5 million shares and fund certificates, while the value of trades surged more than 30 per cent to over VND1.96 trillion (US$93 million).
Real estate developer FLC Group (FLC) still claimed the position of the most active share on the southern bourse with nearly 13 million shares traded, but the price dipped 1.3 per cent to close at VND7,900 a share.
Tan Tao Investment Industry Corp (ITA) came second on trades of 7 million shares, closing flat at VND7,100 a share.
On the Ha Noi Stock Exchange, the HNX-Index slumped 1.63 per cent to end at 70.70 points as losers outnumbered gainers by 145-77.
Blue chips on the northern bourses also lost value as the HNX30, tracking the top 30 stocks based on market capitalisation and free float ratio, went down 2.34 per cent to stand at 136.12 points.
Trading was busy with market volume rising more than 60 per cent, totaling over 88 million shares worth VND723 billion ($34.3 million), a 70 per cent increase in value.
PetroVietnam Construction Corp (PVX) was the most active on trades of 13.2 million shares exchanged at VND4,200 a share, down 8.7 per cent from the previous session.
While domestic investors scrambled to sell shares, foreign investors continued their strong purchases. They were responsible for a combined net buy value of nearly VND425 billion ($20.1 million) on the two exchanges, lifting the total net buy value since early this month to VND1.7 trillion ($80.6 million).
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