Shares correct on selling pressure
Shares correct on selling pressure
Both stock indices decreased on Thursday morning as investors increased selling fearing a correction.
The benchmark VN-Index on the HCM Stock Exchange edged down 0.4 per cent to 714.5 points.
On the Ha Noi Stock Exchange, the HNX-Index fell 0.7 per cent to 86.1 points.
Blue chips led the downturn with 20 of the top 30 shares by market value and liquidity on the main bourse in HCM City losing value while only seven advanced.
Bank and steel stocks which have climbed strongly in the past rallies were under heavy selling.
Hoa Phat Group (HPG), Hoa Sen Group (HSG), Vietcombank (VCB), BIDV (BID), Vietinbank (CTG) and Vinamilk (VNM) all slumped.
Hoàng Anh Gia Lai Co (HAG) recovered 1.6 per cent this morning after a brief fall on Wednesday, while its agricultural arm Hoàng Anh Gia Lai Agricultural Investment (HNG) decreased another 0.3 per cent.
Many property shares were also sold after several consecutive rising sessions, including Novaland Investment (NVL), Kinh Bac City Development (KBC), VinGroup (VIC) and Khang Dien Investment & Trading House (KDH).
Over 147 million shares worth nearly VND2.3 trillion (US$101 million) were traded in the two markets.
The afternoon trade starts at 1pm.
