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Shares tumble on profit-taking

Update: July, 11/2014 - 08:58

On the HCM Stock Exchange, the VN-Index lost 1.14 per cent to end the session at 584.88 points. — File Photo

HA NOI (VNS) — Shares fell further yesterday afternoon on the two stock exchanges, ending a six-day rally, as profit-taking pressures continued to rise.

On the HCM Stock Exchange, the VN-Index lost 1.14 per cent to end the session at 584.88 points, while the VN30, which tracks the top 30 shares by market value and liquidity, went down 1.23 per cent to close at 628.78 points.

Most of the major companies' shares, like Masan Group (MSN), Vinamilk (VNM), Bao Viet Holdings (BVH), VinGroup (VIC), PV Gas (GAS) and Gemadept (GMD) lost value.

The overall market condition was negative as losers outnumbered gainers by 179-53, and 70 stocks remained unchanged.

Many investors decided to lock in profits after a long rally but the downward pressure also provided a good opportunity for many speculators to buy shares at bargain prices, helping boost liquidity on the exchange.

The market volume climbed 40 per cent over the previous session, totaling nearly 153 million shares and fund certificates, while value of trades rose 30 per cent, reaching VND2.176 trillion (US$103.1 million).

FLC Group (FLC) saw the highest trades with 26.7 million shares, closing flat at VND13,000.

Tan Tao Investment Industry Corporation (ITA) came second with nearly 7 million shares, followed by Hoang Quan Consulting Trading Service Real Estate Corp (HQC) on trades of 6.3 million shares. However, shares of both stocks dived 2.4 per cent and 3.5 per cent, respectively.

On the Ha Noi Stock Exchange, the HNX-Index went down 0.67 per cent to close at 78.61 points, driven down by blue chips.

Losers beat gainers 131-81, and 145 codes closed unchanged.

Liquidity also soared on the northern bourse as investors rushed to buy bargain shares.

The market volume increased 55 per cent over Wednesday to reach nearly 100 million shares worth almost VND1.1 trillion ($52.1 million), up 60 per cent compared to the previous session's value.

PetroVietnam Construction Corp (PVX) remained the most active with 6.8 million shares traded, diving 4.3 per cent to end at VND4,500 a share.

Foreign investors returned to become net buyers on the HCM City bourse yesterday after two net selling sessions, picking up shares worth nearly VND37 billion ($1.8 million). They were also responsible for a net buy value of VND24.7 billion ($1.2 million) worth of shares on the Ha Noi bourse. — VNS

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