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Profits take toll on City shares
Shares on the HCM City Stock Exchange finished yesterday's session down slightly as investors fearing a correction moved to nail down profits. Meanwhile, share prices continued to advance on the Ha Noi bourse.
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Source: VietstockFinance
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On the HCM City Stock exchange, the benchmark VN-Index lost 0.09 per cent to close at 487.62 points – despite gainers outnumbered decliners by 159-108.
The value of trades declined 18 per cent from Tuesday's level, totalling almost VND1.83 billion (US$87.1 million), while volume declined 14 per cent to 114 million shares.
The VN30-Index, which tracks the 30 leading shares by market capitalisation and liquidity, closed nearly unchanged at 557.35 points, with only eight codes in this group rallying. Of these real estate developer Hoang Anh Gia Lai (HAG), seafood processor Hung Vuong Corp (HVG), Sacombank (STB) and Sacombank Securities Co (SBS) rose to their ceiling prices.
Bao Viet Securities Co analyst Nguyen Xuan Binh said that some leading stocks were holding on to their upward momentum, but a good many shares were facing heavy profit-taking pressure.
"It should be considered a short-term warning sign for investors after a long rally," Binh wrote in a reseach note. "In addition, the market may experience a ‘lacking support' phase in coming sessions now that the most significant news has been released."
Withouth positive news yesterday, Viet Nam Electricity Construction Corp (VNE) surprised as the most-active share on the HCM City board, on a volume of 5.4 million shares. VNE rose 2.27 per cent to settle at VND9,000 per share.
On the Ha Noi Stock Exchange, the HNX-Index closed up by 0.14 per cent to 83.76 points with 176 codes rallying and 120 declining. Both volume and value dropped by around 31 per cent to 86.5 million shares, worth a total of nearly VND986 billion ($47 million).
Habubank (HBB) was again the most-active share, with 5.16 million shares changing hands, even as its share price declined by 2.3 per cent to VND6,600.
Foreign investors remained net buyers on the HCM City bourse, picking up another VND34.7 billion ($1.7 million) worth of shares, but they turned to net sellers on the Ha Noi market, unloading shares worth a net of over VND10 billion ($485,000).
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