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Shares snap five-day streak
The HCM City Stock Exchange on Wednesday underwent a corrective session, snapping five consecutive days of gains in the VN-Index, which closed down 0.3 percent to 525.67. Decliners outnumbered advancers on the day by 102-77.
Value fell below VND2.6 trillion (US$136 million) on a volume of 56.6 million shares, with General Forwarding (GMD) surprising the market as the most-active share of the day, with 3.4 million changing hands.
"GMD hit its ceiling price probably thanks to rumours about its impending increase in charter capital," said Hoa Binh Securities Company Deputy General Director Nguyen Huy Duong.
While many financial blue chips lost value yesterday, including Vietcombank (VCB), Sacombank (STB), Eximbank (EIB), Saigon Securities Inc (SSI) and PetroVietnam Finance (PVF), property shares like Sao Mai Construction (ASM), Binh Duong Mineral and Construction (KSB), Dat Xanh Real Estate Service and Construction (DXG) all rose to their ceiling prices.
On the Ha Noi Stock Exchange, the HNX-Index also slid by 0.35 per cent to end the session at 172.09 points. However, volume increased to over 38.2 million shares, worth a total of VND1.28 trillion ($67 million).
Construction shares like PetroVietnam Construction (PVX) and Vinaconex (VCG) also posted gains on the northern bourse while banking shares like Asia Commercial Bank (ACB) and Sai Gon-Ha Noi Commercial Bank (SHB) slumped.
Kim Long Securities Company (KLS) remained the most heavily-traded share on the market with over 9.8 million traded.
"An appetite for realising profits drove many investors to a share fire sale," Duong said.
The decline of the VN-Index was not worrying, he said, as the market was used to seeing corrective days after five consecutive gaining sessions.
"The Index can be up and down, and it is not a turbulent sign. Market liquidity is more worth looking," said Kim Long Securities Company Deputy Director Pham Vinh Thanh.
Foreign investors concluded yesterday as net buyers on the HCM City market, responsible for a net buy of just 457,000 shares worth a combined VND35.3 billion ($1.8 million). Meanwhile, they were net sellers on the Ha Noi market with a net sale of VND13.4 billion ($701,570).
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