Shares tumble on profit-taking

Shares fell further on July 10 afternoon on the two stock exchanges, ending a six-day rally, as profit-taking pressures continued to rise.

On the Hochiminh Stock Exchange, the VN-Index lost 1.14 percent to end the session at 584.88 points, while the VN30, which tracks the top 30 shares by market value and liquidity, went down 1.23 percent to close at 628.78 points.

Most of the major companies' shares, like Masan Group (MSN), Vinamilk (VNM), Bao Viet Holdings (BVH), VinGroup (VIC), PV Gas (GAS) and Gemadept (GMD) lost value.

The overall market condition was negative as losers outnumbered gainers by 179-53, and 70 stocks remained unchanged.

Many investors decided to lock in profits after a long rally but the downward pressure also provided a good opportunity for many speculators to buy shares at bargain prices, helping boost liquidity on the exchange.

The market volume climbed 40 percent over the previous session, totaling nearly 153 million shares and fund certificates, while value of trades rose 30 percent, reaching 2.176 trillion VND (103.1 million USD).

FLC Group (FLC) saw the highest trades with 26.7 million shares, closing flat at 13,000 VND.

Tan Tao Investment Industry Corporation (ITA) came second with nearly 7 million shares, followed by Hoang Quan Consulting Trading Service Real Estate Corp (HQC) on trades of 6.3 million shares. However, shares of both stocks dived 2.4 percent and 3.5 percent, respectively.

On the Hanoi Stock Exchange, the HNX-Index went down 0.67 percent to close at 78.61 points, driven down by blue chips.

Losers beat gainers 131-81, and 145 codes closed unchanged.

Liquidity also soared on the northern bourse as investors rushed to buy bargain shares.

The market volume increased 55 percent over July 9 to reach nearly 100 million shares worth almost 1.1 trillion VND (52.1 million USD), up 60 percent compared to the previous session's value.

PetroVietnam Construction Corp (PVX) remained the most active with 6.8 million shares traded, diving 4.3 percent to end at 4,500 VND a share.

Foreign investors returned to become net buyers on the Ho Chi Minh City bourse on July 10 after two net selling sessions, picking up shares worth nearly 37 billion VND (1.8 million USD). They were also responsible for a net buy value of 24.7 billion VND (1.2 million USD) worth of shares on the Hanoi bourse.-VNA

Source: Vietnamplus

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