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Strong selling drives shares down
Strong afternoon selling in blue chips on the HCM City Stock Exchange pushed shares down yesterday as investors began to fear a deep imminent correction after the VN-Index hit a 27-month high.
The VN-Index gave up over six points, or 1.23 per cent, to finish yesterday's session at 510.69 points while the VN30 tracking the top 30 shares was also down over 1 per cent to 574.95 points.
Most heavyweight shares fell in value, including dairy giant Vinamilk (VNM), insurer Bao Viet Holdings (BVH), Vietcombank (VCB), Phu My Fertiliser (DPM), logistic company Gemadept (GMD) and PetroVietnam Finance (PVF), of which GMD and PVF plunged to the floor price.
The market condition was negative with 167 codes declining, 64 rising and other 78 closing unchanged.
Property developer VinGroup (VIC) was among the few gainers, climbing 3.6 per cent to VND71,500 (US$3.41) a share, after the group announced a plan to buy back 46.4 million shares of the company from June 24 to July 23. More than 2.4 million VIC shares were traded on the bourse by the end of yesterday.
Total volume of trades was little changed from the previous session, totalling nearly 79 million shares, but the value was up 20 per cent at over VND1.44 trillion ($68.6 million).
According to many analysts, corrections will provide good opportunities for investors to increase share holdings because the market outlook is still positive in the medium term due to better corporate and economic performances.
Tan Tao Investment Industry (ITA) was again the most active code on the HCM City bourse, with 6.4 million shares changing hands at a value of VND7,400 a share, down 3.9 per cent from its previous close.
On the Ha Noi Stock Exchange, the HNX-Index also edged 1.7 per cent down on 63.79 points on a total turnover of VND451 billion ($21.5 million).
With 10.74 million of its shares being traded yesterday, Sai Gon-Ha Noi Bank (SHB) continued to be the busiest stock on the northern market. The shares slumped 2.7 per cent, however, to VND7,200 each.
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