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Benchmark indices lose on sell-offs
Shares closed lower in the first trading session of May on both the national stock exchanges.
After a five-day holiday, the capital inflow had not returned to the market strongly yesterday as investors remained cautious and hesitant to invest money.
The billboards were deep in the red, with the VN-Index on HCM City Stock Exchange seen losing 13.15 points, or as much as 2.28 per cent, ending at 564.85 points-the lowest level of the trading day.
Sell-offs occurred on large-cap stocks, with 29 out of the southern bourse's 30 largest shares by capitalisation and liquidity tumbling. The VN30-Index slid 2.81 per cent, or 17.74 points, to land at 614.36 points.
Only Kinh Do Corporation (KDC) managed to improve yesterday, rising 1.8 per cent to end the day at VND57,000 (US$2.7) per share.
Among the losers, Hoa Sen Group (HSG) dropped to 6.9 per cent, with a floor price of VND46,200 ($2.2) per share. Becamex IJC (IJC) also tumbled to 6.5 per cent, with a floor price of VND11,600 ($0.55) per share.
Other market pillars such as Masan Group (MSN), Bao Viet Holdings (BVH), Hoa Phat Group (HPG), Vingroup (VIC) and Sai Gon Securities (SSI) also posted huge losses of between VND1,000 ($0.047) and VND5,000 ($0.23) per share.
The market performance yesterday was in line with an old saying in the stock market: "Sell in May and go away."
Overall, on the southern bourse, only 32 codes managed to increase and 32 others closed at their reference prices, while 210 codes lost value.
Trading remained sluggish, with 76 million shares changing hands, worth VND1.3 trillion ($61.9 million), roughly the same as last Monday and Tuesday's trading before the market was closed due to a public holiday.
On the Ha Noi Exchange, the HNX-Index lost 3.16 per cent to end at 77.36 points, while the HNXFF-Index, tracking the performance of stocks with a minimum free float rate of 5 per cent, finished 3.43 per cent lower at 78.03 points.
The trading volume and value slightly improved over the last week, with 50 million shares traded, for a total value of around VND505 billion ($24 million).
There were 180 losers and 57 gainers on the capital city's bourse yesterday.
Losses of blue chips contributed largely to the market loss yesterday, with the HNX30-Index, composed of the top stocks, seen losing 7.89 points, or 4.92 per cent, ending at 152.57 points.
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