Shares down on both bourses
HA NOI — Shares failed to retain previous gains on both national stock exchanges.
On the Ha Noi Stock Exchange, the HNX-Index closed at 69.58 points, 1.23 per cent lower.
Trading was sluggish, and a lot of listed stocks were not traded. The value and volume of transaction on the Ha Noi bourse reached VND540 billion (US$25.7 million) and 34.86 million shares, respectively, reaching around 77 per cent of Monday's level.
Blue chips were the major cause of the fall, with the HNX30, which represents the exchange's top 30 shares, retreating 1.94 per cent to 132.34 points.
VNDirect Securities Co (VND) was the most heavily traded code with some 4.4 million shares changing hands. However, it lost 3.5 per cent during yesterday's session.
On the HCM City Stock Exchange, the VN-Index Composite edged down 0.16 per cent to finish yesterday at 422.50 points.
Around 33.2 million shares worth a total turnover of VND548.26 billion ($26 million) changed hands, declining 17.2 per cent in value.
Many blue chips tracked by the VN30 tumbled, such as insurer Bao Viet Holdings (BVH), Phu My Fertiliser (DPM), property developers Tan Tao (ITA) and Hoang Anh Gia Lai (HAG), Military Bank (MBB), food processor Masan Group (MSN) and Saigon Securities Inc (SSI).
The VN30, therefore, dropped nearly 0.2 per cent to 502.07 points despite the rally of major stocks – Vinamilk (VNM), property developer Vincom (VIC) and Vietcombank (VCB).
Tay Bac Mineral Co (KTB) led the market in terms of trading volume with over 2 million shares exchanged.
Yesterday's session again showed that the upward momentum was quite weak, especially when Monday's rally was somewhat unexpected due to the lack of convincing support information, said BIDV Securities Co analyst Hoang Anh Tuan.
"However, the declines were not too heavy," he said, "so there is little possibility the market will deeply decrease in the short term".
Current price level showed a balance in demand and supply of shares, so the market might see small fluctuations during the coming sessions, he added.
Foreign investors were net sellers in HCM City in terms of trading volume but they were buyers in terms of value, picking a margin of VND11 billion ($523,800). Meanwhile, they were sellers in the Ha Noi bourse, unloading VND5 billion ($238,000). — VNS