Accelerated sell-off pulls stocks down

Profit taking accelerated in the final minutes of Tuesday's session, causing stocks to fall on both local markets. In HCM City, the VN-Index fell 0.74 percent to close at 464.8 points.

Trading volume fell 11 per cent from Monday's session to 37.1 million shares, totalling VND837.2 billion (US$38.9 million) in value.

Most blue chips fell, including Sacombank (STB) down 0.7 per cent, Phu My Fertiliser (DPM) down 1.9 per cent, PetroVietnam Finance (PVF) down 2.7 per cent and Saigon Securities Inc (SSI) down 4.4 per cent.

Insurer Bao Viet Holding (BVH) and software producer FPT Corporation (FPT) closed unchanged, while Masan Group (MSN) hit its ceiling price with a 4.9 per cent increase.

Penny stocks also performed well, including Chuong Duong Beverage (SCD) up 4.7 per cent, Sai Gon Fuel (SFC) up 4.8 per cent, Dat Xanh Real Estate Services and Construction (DXG) up 4.9 per cent and Nam Kim Steel Group (NKG) up 5 per cent.

In Ha Noi, the HNX-Index plunged 1.76 per cent to finish at 93.17 points, with losers tripling gainers at 221 codes.

Volume was low at 37.5 million shares, worth VND604.3 billion ($28.1 million).

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