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Accelarating sell-offs pull down markets
The VN-Index fell 1.12 per cent, to close today's session at 450.01 points, due to heavy profit-taking. The sell-off started mid-session and strongly increased towards the end of the session, causing 188 out of 271 stocks to decline.
Around 10 stocks dropped to their floor prices, including Cotec Land (CLG), down VND1,800, DESCON Construction (DCC) and Lilama No.10 (L10), down VND1,300 each, and Chuong Duong Beverage (SCD), down VND1,200.
Meanwhile, only seven stocks hit their ceiling prices, including North Kinh Do (NKD), up VND2,000, Cuu Long Pharmaceutical (DCL), up VND1,900, Ninh Hoa Sugar (NHS), up VND1,800, and Lu Gia Mechanical Electronic (LGC), up VND1,300.
Vietcombank (VCB), the Corporation of Financing and Promoting Technology (FPT) and PetroVietnam Finance (PVF) were among the blue chips that made gains.
The market saw a moderate volume of 27.7 million shares changed hands, for a value of VND667.5 billion ($34.2 million.
In Ha Noi, the HNX-Index surged 2.07 per cent to close at 112.53 points, with 24.2 million shares traded in the session.
Value stayed low at VND488 billion ($25 million).
Decliners outnumbered advancers by 216 to 76 with many stocks that had hit their ceiling prices in the previous two sessions dropping sharply.
They included Vimeco Company (VMC), down VND4,000, Hoa Cam Concrete (HCC), down VND3,000, Viglacera Ha Long I (HLY), down VND2,300, and Construction Company No.9 (VC9), down VND1,600.
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