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National sharemarkets bow to selling pressure
Red flowed across the electronic board during yesterday's session on both of the nation's stock exchanges.
On the HCM City bourse, the VN-Index lost 1.23 per cent to just 505.31 points, while the VN30, composed of the 30 largest stocks in terms of capitalisation and liquidity, retreated 1.13 per cent to 565.69 points.
Only steelmaker Hoa Sen (HSG), Vinamilk (VNM) and PetroVietnam Low Pressure Gas Distribution (PGD) rallied. Two other stocks managed to finish the session unchanged, while the remainder of the 30 blue chips tumbled.
Pha Lai Thermalpower (PPC) saw the fastest decrease of 4.7 per cent, while insurer Bao Viet (BVH), private equity group Masan (MSN), PetroVietnam Drilling Services (PVD), Refrigeration Electric Engineering (REE) and food processor Bourbon Tay Ninh (SBT) declined between 2.3-3 per cent.
Trading value was driven up by some 40 per cent to VND1.4 trillion (US$66 million), as over 103.5 million shares changed hands.
On the Ha Noi bourse, all indexes lost ground, with the greatest decline belonging to the HNX30 (down 1.5 per cent), which tracks the northern bourse's top 30 shares, and an index tracking shares of the manufacturing sector (down 1.3 per cent). The HNX Index also lost 0.86 per cent to 65.57 points.
The value and volume of trades on the bourse touched VND404.8 billion ($19 million) and 51.6 million units, respectively.
Yesterday's declines again showed instability in the short-term trend, stated FPT Securities Co analysts. "Although trading value remained quite high, the general prospect seemed to worsen as blue chips lost their leading role, along with selling pressure on speculative stocks," noted an analyst.
Additionally, there was not enough information to give investors confidence that a rally might soon occur.
"Although future transactions are expected to be active, the market will see several corrections," noted an observer.
Foreign investors concluded, as net buyers in both cities yesterday, choosing a margin of VND49.8 billion ($2.3 million).
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