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Shares fall as investors rush to sell
Fears that the market will continue to decline further pushed investors into another sell-off.
On the HCM Stock Exchange, the VN-Index lost a further 1.68 per cent to close yesterday's session at 586.09 points, a fourth consecutive falling day. More than 70 per cent of codes shed value; many of them blue chips.
Heavyweight shares including PV Gas (GAS), Vinamilk (VNM), Vietcombank (VCB), VinGroup (VIC), Bao Viet Holdings (BVH), Hoa Phat Group (HPG) and FPT Group (FPT) fell under high selling pressure.
The VN30, tracking the top 30 shares by market value and liquidity, was down 2.02 per cent to end at 647.74 points. Cheaper prices again attracted bargain hunters as market volume rose slightly over Monday to 131.7 million shares and fund certificates, worth a total VND2.424 trillion (US$114.9 million). Tan Tao Investment Industry Corp (ITA) became the most active code on the southern bourse on trades of 11.2 million shares however still managed to slide more than 4 per cent to just VND9,400 a share.
On the Ha Noi Stock Exchange, the HNX-Index sank 2.83 per cent to close yesterday at 84.34 points while the HNX30 also slid 1.91 per cent to end at 177.26.
On the whole, more than 200 share prices tumbled compared with only 43 advancing during trades. Forty seven closed flat and 121 remained unchanged by the end of the session. Trading yesterday was busier than Tuesday as both market volume and value increased 40 per cent, with 85 million shares worth over VND1 trillion ($47.4 million) changing hands. Sai Gon-Ha Noi Bank (SHB) was the most active stock on the northern bourse yesterday with nearly 14 million shares traded at VND10,800 each, down 1.82 per cent from Tuesday's close.
Analysts from BIDV Securities Co said the market was lacking fresh momentum following the announcement of first-quarter results while lackluster economic data failed to push up the market. foreign investors increased purchases yesterday, picking up a total net buy value of $2.8 million.
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