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Shares tumble on investor worry
Shares extended losses on both the national stock exchanges yesterday as investors sold stocks fearing further decline.
At HCM City Stock Exchange, the VN-Index lost 9.74 points or as much as 1.72 per cent to end at 555.11 points.
The benchmark index tumbled at a fast pace as investors sold stocks to avoid losses, even sliding to 545 points in the afternoon trading. However, the bottom-fishing activity arose, helping narrow yesterday's loss of the benchmark index, but still not strong enough to reverse the downward trend.
Sell-offs continued to occur on large-cap stocks with the VN30-Index, tracking the performance of the southern bourse's 30 largest stocks by capitalisation and liquidity, seen losing 1.49 per cent, or 9.16 points to end at 605.2 points.
Only three blue chips managed to close yesterday slightly higher, which were Masan Group (MSN), HCM City Infrastructure Investment (CII) and Becamix IJC (IJC), gaining between VND100 (US$0.0047) and VND500 ($0.023) per share.
Except for Vietinbank (CTG), which closed at its reference price, all the other 26 large-cap stocks posted losses yesterday. On the southern bourse, overall, there were only 36 gainers while 209 codes shed values.
Losers included big brands such as Vinamilk (VNM), which lost VND4,000 ($0.19) to end at VND133,000 ($6.3) per share; PetroVietnam Drilling Corporatino (PVD), which lost 2.4 per cent to end at VND84,500 ($4) per share; and PetroVietnam Low Pressure Gas Distribution (PGD), which dropped 4 per cent to be traded at VND43,000 ($2.04) per share.
More than 100 million shares were traded yesterday, valued at VND1.62 trillion ($77 million), 31 per cent and 23 per cent higher than the previous session, respectively.
At Ha Noi Exchange, the HNX-Index declined 1.06 per cent to land at 76.55 points, while the HNXFF-Index, composed of stocks with minimum free float rate of 5 per cent, closed 1.05 per cent lower at 77.2 points.
The HNX30-Index, tracking the capital city's top stocks, lost 1.61 points, or 1 per cent to end at 150.96 points.
Trading volume and value improved over the previous session with 82 million shares changing hands with a total value of VND755 billion ($35.9 million).
As trading remained sluggish, foreign investors remained cautious with a modest net buying volume and value, but improved over the previous session, of 1.38 billion shares and VND30.95 billion ($1.47 million), 33 per cent and 72.5 per cent, respectively.
Foreign investors bought PetroVietnam Gas Corporation (GAS) and Tan Tao Group (ITA), while they sold CNG Viet Nam (CNG), Vingroup (VIC) and Hoang Anh Gia Lai (HAG).
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