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Profit-taking affects stocks
On Dec. 23, stocks dipped as investors further indulged in profit-taking. On the HCM City market, the VN-Index closed down 1.27 per cent to 475.41 points.
Volume was low with 57.2 million shares totalling a value of VND1.4 trillion ($66.7 million) changing hands.
202 stocks lost ground, including larger stocks such as insurers Bao Viet Holding (BVH) and Masan Group (MSN), each down VND2,000; PetroVietnam Finance (PVF), down VND900; Ocean Group (OCG), down VND400 and steel producer Hoa Phat Group (HPG), down VND100.
Banking stocks declined despite overnight lending dropping from 12.05 to 10.26 per cent per annum.
Only seven stocks matched their ceiling prices, including Vinpearl Land (VPL), up VND1,800; Materials-Petroleum Company (COM), up VND1,700 and Seafood Company No.4 (TS4), up VND1,000.
In Ha Noi, the HNX-Index dropped 2.68 per cent to close the day's trading at 110.68 points.
Volume remained moderate with 37.2 million shares worth VND777.7 billion ($37 million) traded.
The number of decliners increased to 256 stocks from 196 on Wednesday.
Blue chips fell sharply, with Bao Viet Securities (BVS), down VND1,800; Asia Commercial Bank (ACB), down VND1,000; PetroVietnam Technical Service (PVS), down VND800; and Kim Long Securities (KLS) and Sai Gon Ha Noi Bank (SHB), each down VND700.
31 stocks dropped to their floor prices while eight hit their ceiling.
Market analysts said that the correction was necessary to return the market to reality because rumours of investment fund disbursement were governing the market.
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