Stocks decline on both national bourses

Stocks declined on both national stock exchanges in May 15 session, an unexpected move after the morning's increases, although foreign investors continued to buy en masse.

On the Hochiminh Stock Exchange, the VN-Index lost 5.5 points, or 1.03 percent, to close at 524.05 points on May 15, 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 percent lower at 575.53 points.

However, low prices attracted bargain-seekers. Market volume rose 20 percent over May 14, totaling 132.5 million shares and fund certificates, while the value of trades surged more than 30 percent to over 1.96 trillion VND (93 million USD).

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 percent to close at 7,900 VND a share.

Tan Tao Investment Industry Corp (ITA) came second on trades of 7 million shares, closing flat at 7,100 VND a share.

On the Hanoi Stock Exchange, the HNX-Index slumped 1.63 percent 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 percent to stand at 136.12 points.

Trading was busy with market volume rising more than 60 percent, totaling over 88 million shares worth 723 billion VND (34.3 million USD), a 70 percent increase in value.

PetroVietnam Construction Corp (PVX) was the most active on trades of 13.2 million shares exchanged at 4,200 VND a share, down 8.7 percent 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 425 billion VND (20.1 million USD) on the two exchanges, lifting the total net buy value since early this month to 1.7 trillion VND (80.6 million USD).-VNA

Source: Vietnamplus

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