HA NOI(VNS) — Shares declined for the first time this week, pulling the benchmark VN-Index down from a six-week high as investors sought quick profits on fears of a volatile market.
Although market confidence improved significantly over the previous sessions of rises, many investors had doubts over the longer term prospects of the current rally and decided to lock in quick profits, analysts of FPT Securities Co wrote in a report yesterday.
On the HCM City Stock Exchange, the VN-Index measuring 333 stocks and five closed-end funds lost over 4 points, or 0.8 per cent, to close yesterday's session at 498.22 points.
More than half of the top 30 shares by market capitalisation and liquidity also sank, dragging the VN30 down 1.06 per cent on 561.79 points.Vietcombank (VCB) and property giant VinGroup (VIC) led the downturn with a decrease of around 3 per cent while insurer Bao Viet Holdings (BVH) slumped 2.8 per cent.
The market volume was up nearly 20 per cent over the previous session, however, totalling 80 million shares and fund certificates, worth a combined VND1.27 trillion (US$60.5 million).
Two construction companies, Tan Tao Investment Industry Corp (ITA) and Licogi 16 (LCG), were the most active codes yesterday with each having 4.4 million shares exchanged.
While LCG surged nearly 5 per cent to VND6,500 a share, ITA dipped 1.5 per cent to end at VND6,700 each.
Despite a positive opening in the morning, the HNX-Index on the Ha Noi Stock Exchange also dropped 0.81 per cent to a finish yesterday at 62.08 points. The HNX30 tracking the top 30 shares here also declined 1.34 per cent to stand at 117.42 points.
The trading volume was little changed from a day earlier, reaching 56.6 million shares worth VND452.5 billion ($21.5 million).
Sai Gon-Ha Noi Bank (SHB) continued to see a whopping 11.6 million shares changing hands, being the most heavily-traded stock nationwide but the bank's shares gave up 2.8 per cent at a value of VND7,000 a share.
According to an analysis of vietstock.vn, though both indices have surpassed their short-term barriers they would likely fall again to gear up for the next upturn, though within a narrow fluctuation band, as current investor psychology is rather stable. — VNS