VN-Index sinks as blue chips slide

Shares declined further on June 16 afternoon with the benchmark VN-Index losing 1.05 percent to close the session at 580.35 points.

Blue chips were the main drag on the market. Most of the VN30, which tracks the top 30 shares by market value and liquidity, tumbled.

Bank stocks were the biggest gainers with Vietcombank (VCB), Vietinbank (CTG) and BIDV (BID) dropping more than 2 percent. Other heavyweight stocks like VinGroup (VIC), Vinamilk (VNM), Masan Group (MSN), PetroVietnam Drilling and Wells Service (PVD), FPT Corp (FPT) and Bao Viet Holdings (BVH) also lost value.

The VN30 edged down 0.62 percent to 600.92 points. Overall market conditions were also negative, as the number of decliners doubled advancers.

Profit pushed up liquidity, however. Almost 163 million shares worth 2.57 trillion VND (117.9 million USD) were traded by the end of the session, up 20 percent over June 15’s value.

Realty stocks were unloaded, led by FLC Group (FLC) and HCM City Infrastructure Investment Corp (CII), the two most active stocks in HCM City's market.

FLC saw a whopping 32.6 million shares traded, falling 4.2 percent to close at 9,100 VND a share while CII with 8.7 million shares exchanged decreased 2.2 percent to finish at 22,600 VND (1.04 USD) each.

On the Hanoi Stock Exchange, the HNX-Index also dived 1.09 percent to conclude the session at 87.40 points with 111 stocks tumbling, 89 rising and 157 going flat.

Many traders decided to earn short-term profit although the market outlook was still bright that lifted both market volume and value. Nearly 78.4 million shares worth 1 trillion VND (45.9 million USD) changed hands here on June 16, up 20 percent in volume and 40 percent in value over previous day’s levels.

FIT Investment Co (FIT) remained the most active code with 11.7 million shares exchanged, but its price dropped to the floor price of 15,100 VND (0.69 USD) a share.

Foreign investors on June 16 returned net buyers in HCM City's market after several days of net selling. They picked up shares worth more than 39 billion VND (1.8 million USD) here. Meanwhile, they continued to buy shares in Hanoi's exchange with a net buy value of more than 20 billion VND (917,400 USD).

Many traders decided to take margins, although the market outlook was still bright and investor confidence remained high, a stock analyst in Hanoi said. Growing selling weighed the market down to its low of the day at closing time, he said.-VNA

Source: Vietnamplus

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