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VietNamNews

Profit-taking pulls down shares

Update: February, 12/2014 - 09:17
The VN30-Index lost 0.64 per cent to end at 627.4 points.— File Photo

HA NOI (VNS)— Profit-taking intensified during afternoon trading, dragging shares down on both national stock exchanges, but liquidity improved greatly.

On the HCM City Stock Exchange, the VN-Index dropped 0.36 per cent to 553.9 points. The benchmark index's upward trend was reserved during the last 20 minutes of trading as investors boosted selling for profit-taking.

However, the cash flow into the market was strong yesterday, with the total trading value reaching VND2.85 trillion (US$135.7 million) on the exchange of 175 million shares.

Although most of the blue chips gained during the morning trading session, two-thirds of the southern city's 30 largest stocks by capitalisation and liquidity ended in the red after afternoon trading.

The VN30-Index lost 0.64 per cent to end at 627.4 points.

PetroVietnam Low-Pressure Gas Distribution (PGD) lost VND1,200 ($0.057) per share, sinking to VND45,800 ($2.2). Vinamilk (VNM) and Kinh Do (KDC) each fell by VND1,000 ($0.048) per share.

Only four blue chips managed to increase yesterday, including real estate giant (VIC), PetroVietnam General Services Corporation (PET), Masan Group (MSN) and Da Nang Rubber Corporation (DRC).

With surprising trading volume of 15.4 million shares, Tan Tao Group (ITA) led the southern bourse by liquidity.

Shares also failed to maintain gains in the morning trading session, with the benchmark index closing the day lower on the northern bourse.

The HNX-Index slightly declined by 0.01 per cent to 75.55 points, while the HNXFF-Index slid 0.2 per cent to 75 points.

However, liquidity reached a record high, with more than 90 million shares changing hands for a total value of VND838.5 billion ($39.9 million).

Comprising the capital city's top shares, the HNX30-Index ended 0.63 per cent lower at 148.39 points.

According to Viet Nam Investment Securities, the strong cash flow into the market yesterday might be the capital outflow before the Tet (Lunar New Year) holiday.

However, the sudden losses in the benchmark indices in the afternoon will have an impact on investor confidence.

Viet Nam Investment Securities has said that the market will regain its balance as a result of buying from foreign investors.

FPT Securities said investors should be cautious while watching market fluctuations in coming trading sessions, especially for foreign investors' capital. — VNS

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