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Shares slide on fears of bull trap
Shares tumbled on both the national stock exchanges yesterday after an unexpected rebound on Tuesday, as investors feared a likely bull trap.
On the HCM City Stock Exchange, the VN-Index slightly dropped by 0.09 per cent, or 0.51 points, to end at 569.36 points with declined liquidity.
Only more than 71 million shares changed hands with a total value of VND1.2 trillion (US$57.1 million), easing 28 per cent and 25 per cent, respectively, over the previous trading session.
The Tuesday rebound did not last as investors feared being caught in a bull trap, thereby resulting in low buying demand as sellers were forced to lower stock prices.
On the southern bourse, 77 codes managed to close higher, while up to 152 codes lost values.
Two-thirds of the market pillars posted losses yesterday, causing the VN30-Index, which tracks the largest stocks by capitalisation and liquidity, to fall by 0.17 per cent to end at 629.78 points.
There were only five gainers, such as the property developer Vingroup (VIC), which rose by VND1,000 (US$0.047) per share to close at VND67,000 (US$3.1) on the positive prospect of its Times City Project and Masan Group (MSN), which added 2.7 per cent to reach VND95,000 (US$4.5), besides Sacombank (STB), Da Nang Rubber Corporation (DRC), and Becamex IJC (IJC).
Conversely, technology FPT Group (FPT) lost VND1,500 (US$0.07) or 2.2 per cent, insurance Bao Viet Holdings (BVH) lost VND1,100 (US$0.052) or 2.8 per cent, and Hoa Sen Group decreased by VND1,200 (US$0.057) or 2.3 per cent among other big names, such as Vinamilk (VNM), REE Corporation (REE), and Hoang Anh Gia Lai (HAG).
On the Ha Noi Exchange, the HNX-Index ended at 79.9 points and the HNXFF-Index, composed of stocks with minimum free float rate of 5 per cent, closed at 81.04 points, respectively dropping 1.19 per cent and 1.21 per cent lower than Tuesday.
Losses were registered by blue chips with the HNX30-Index losing 1.89 per cent or 3.1 points to end at 160.94 points.
The trading volume and value on the northern bourse reached 56 million shares and nearly VND534 billion (US$25.4 million), 13 per cent and 18 per cent lower than the previous session.
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