VN-Index retreats on rising profit-taking pressure
VN-Index retreats on rising profit-taking pressure
The benchmark VN-Index retreated to 706.2 points in Monday morning trade, down 0.23 per cent from Friday’s close, on rising profit-taking selling after it reached a nine-year high last week.
Liquidity was high with nearly 109 million shares worth VND2.2 trillion (US$96.5 million) on the HCM Stock Exchange, a double of the normal morning trade value.
Market breadth was negative with 132 stocks declining, 118 rising and 74 remaining flat.
Blue chips led the downturn as 20 of the top 30 shares by market value and liquidity slumped, including heavyweight stocks such as PV Gas (GAS), VinGroup (VIC), Vietcombank (VCB) and BIDV (BID), as well as Vietinbank (CTG) and Bao Viet Holdings (BVH).
However, according to many analysts, a short-term correction was inevitable, but the market condition remained positive with increasing liquidity and good performances by listed companies.
On the Ha Noi Stock Exchange, the HNX-Index was up 0.33 per cent to 86.2 points, with 25.4 million shares worth VND259.4 billion traded.
Afternoon trade starts at 1pm.
