Stocks fall from five-day rally on profit taking
Stocks fall from five-day rally on profit taking
Shares retreated this morning from a five-day rally as stocks that increased consistently last week fell on profit-taking, which was predicted earlier by securities firms.
The benchmark VN Index on the HCM Stock Exchange dropped 0.2 per cent to close at 672.49 points and the HNX Index on the Ha Noi Stock Exchange declined by 0.4 per cent to end at 82.98 points.
After last week's five-day rally, some brokerage companies, such as Sai Gon-Ha Noi Securities Corp (SHS), forecast that the market might fall this week as investors could seek short-term profits.
Pressure from profit-taking pushed large-cap stocks away from their closing prices on Friday with more than half of the 30 largest listed firms by market capitalisation and liquidity in the sub-index VN30 Index falling.
Noticeable falls were seen in stocks such as transportation firm Gemadept Corp (GMD), PetroVietnam Gas Corp (GAS), Bank for Investment and Development of Viet Nam (BID) and HCM Securities Corp (HCM), which witnessed the first session of decline following the rally.
GMD was down 0.7 per cent, GAS pulled back 1.9 per cent, BID lost 1.2 per cent and HCM slid 0.9 per cent.
A drop in global crude prices also contributed to the market's retreat this morning, with energy stocks sinking into negative territory.
Both local exchanges saw more than 91 million shares traded worth VND2.17 trillion (US$96.5 million).
