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VietNamNews

Profit-taking slows market gains

Update: July, 10/2014 - 09:07
The VN-Index inched up just 0.02 per cent to close the session at 591.60 points, its sixth consecutive positive session. Advancers outnumbered the decliners by 132-96 and 74 were unmoved.— Photo vietstock

HA NOI (VNS) — Stocks continued to rise on the HCM City Stock Exchange yesterday but the growth slowed down as profit-taking pressure rose.

The VN-Index inched up just 0.02 per cent to close the session at 591.60 points, its sixth consecutive positive session. Advancers outnumbered the decliners by 132-96 and 74 were unmoved.

Meanwhile, blue chip stocks reported mixed results.

Bao Viet Holdings (BVH), Hoa Phat Group (HPG), Vietinbank (CTG), Masan Group (MSN) posted gains but Vinamilk (VNM), Vietcombank (VCB), VinGroup (VIC), Hoang Anh Gia Lai Co (HAG) and FPT Corp (FPT) declined.

The VN30 tracking the top 30 shares by market value and liquidity gained just 0.07 per cent to 636.64 points.

Liquidity improved slightly as both market volume and value grew 10 per cent over the previous session, totaling nearly 110 million shares worth VND1.62 trillion (US$76.8 million).

Trading on real estate stocks continued to dominate the southern market and accounted for the two most active stocks.

FLC Group (FLC) saw the highest trades of nearly 11 million shares traded, rising 1.56 per cent to close at VND12,000 a share.

Tan Tao Investment Industry Corp (ITA) came second on trades of 8.4 million shares, closing flat at VND8,500 each.

On the Ha Noi Stock Exchange, shares lost ground under profit-taking pressure after the benchmark HNX-Index hit the two-month high. The Index slid 0.27 per cent to end at 79.14 points.

Blue chips fell, dragging the HNX30 down 0.16 per cent to stand at 161.76 points.

Losers included Kim Long Securities Co (KLS), Saigon-Ha Noi Bank (SHB), VNDirect Securities Co (VND) and Vinaconex (VCG).

Cash continued to flow into speculative stocks like PetroVietnam Construction Corp (PVX), Ha Noi Investment General Corp (SHN) and FLC Joint Venture Global Investment Co (KLF).

PVX was still the most active stock with 13.3 million shares exchanged, jumping 4.44 per cent to end at VND4,700 a share.

Trading soared as the market volume rose 30 per cent over Tuesday to 64.3 million shares, worth VND656.2 billion ($3.6 million).

Foreign investors remained net sellers on the HCM City market with a net sell value of VND39.54 billion ($1.9 million). They were still net buyers on the Ha Noi bourse, picking shares worth VND18.27 billion ($866,000). — VNS

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