HA NOI — Despite early gains in the morning, shares tumbled on both stock exchanges yesterday.
On the HCM City Stock Exchange, the VN-Index lost 0.14 per cent to stand at 472.16 points. Profit-taking largely drove trading in the markets, which ended at nearly VND2.5 trillion (US$119 million) on a volume of 143.5 million shares, an increase of 25 per cent in value and 21.6 per cent in volume over Tuesday's session.
Nearly three-quarters of the 30 leading shares by market value and liquidity declined. Also three real estate shares hit record lows, including Khang Dien House (KDH), Quoc Cuong Gia Lai (QCG) and Sudico (SJS).
Eight other stocks on the VN30 contributed to its decline, which closed yesterday at 541.60 points, down by 0.46 per cent.
A number of real estate firms managed to continue their rising streak, even set highs, including Becamex Infrastructure Development (IJC), Dat Xanh Real Estate Service and Construction (DXG), Kinh Bac City Development (KBC) and Tu Liem Urban Development (NTL).
Telecommunications equipment provider Sacom (SAM) was the most widely traded stock, with 7.3 million shares changing hands.
"The good news is that most of the declines were quite moderate and the balance between buys and sells remained relatively stable," said analysts from FPT Securities Co on their website.
On the Ha Noi Stock Exchange, the HNX-Index slid 0.7 per cent to finish at 79.33 points on a turnover of nearly VND1.27 trillion ($60 million).
Declines led advances by a margin of 144-138.
In Ha Noi Habubank was still the most actively traded stock in terms of volume, around 11.7 million shares, but still closed down 1.4 per cent at VND6,900.
Although the two benchmark indices both lost ground, analysts remained optomistic. "The VN-Index and HNX-Index continue to see a fairly solid rise," said analysts for the financial website vietstock.vn.
If the above-average values can be maintained for the next 20 trading days, the likelihood for growth would be greatly increased, they reported. "Still, investors should be careful of buying at high prices if they want to avoid short-term losses."
They also predicted that market movements could be unpredictable in the near future, since the indices reached their previous high levels of 480 points and 80 points, they predicted. — VNS