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Shares falter as City slips past magic 500 mark
Shares continued their downward trend from Wednesday, tumbling on both national stock exchanges yesterday.
On the HCM City Stock Exchange, the VN-Index slid 1.17 per cent, falling out of the above-500-point level to close at 494.81 points yesterday afternoon with losers doubling gainers by 142-75.
From the beginning of this year, the VN-Index exceeded the 500-point level seven times and often lost the level shortly afterwards.
However, FPT Securities forecast that the index would regain its upward trend soon.
More than 66.5 million shares changed hands with a total value of VND1.133 trillion (US$53.95 million).
Twenty-two shares out of the southern city's 30 largest shares in terms of capitalisation and liquidity lost value yesterday, dragging down the VN30-Index by 0.87 per cent to reach 551.86 points.
PetroVietnam Drilling JSC (PVD) lost VND2,500 ($0.1) per share to close at VND66,500 ($,3.1), Ocean Group (OGC) dropped by 0.4 per cent to VND9,400 ($0.4) per share and Vinh Son Song Hinh Hydro-electric Plant went 0.21 per cent lower to VND13.6 ($0.64).
Only two codes gained slightly, logistics company Gemadebt Corporation (GMD) which surged 0.07 per cent and sugar company Bourbon Tay Ninh (SBT) which went up 0.08 per cent.
On the Ha Noi Stock Exchange, the HNX-Index shed 0.7 per cent to finish at 60.73 points on the exchange of more than 28.2 million shares with a total value of VND249.8 billion ($11.8 million).
The HNX-Index, tracking the capital city's leading shares, was 1.01 per cent lower at 112.87 points.
As of Wednesday, foreign investors were net buyers on the HCM City Exchange for 10 consecutive trading days. Foreign investors continued to finish yesterday as net buyers with a value of VND23.02 billion ($1.09 million) with focus.
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