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VietNamNews

Stocks tumble on profit-taking

Update: July, 23/2014 - 08:41

HA NOI (VNS) — Stocks extended losses in yesterday's afternoon session on both stock exchanges as profit-taking pressure showed no sign of decline.

On the HCM Stock Exchange, the VN-Index fell from the three-month high, closing down 0.51 per cent at 597.98 points.

The VN30 tracking the top 30 shares by market value and liquidity also decreased 0.52 per cent to end at 641.95 points as heavyweight stocks such as Masan Group (MSN), Vinamilk (VNM), VinGroup (VIC) and Vietcombank (VCB) lost value.

The market reviewed the portfolio of the VN30 on Monday, following which two stocks, Petrovietnam General Services Corp (PET) and PetroVietNam Low Pressure Gas Distribution Corp (PGD), were removed from the VN30 list, while FLC Group (FLC) and HCM Securities Co (HCM) were added.

FLC was also the most active share on the southern bourse with more than 16.6 million shares, slipping 0.8 per cent to close at VND12,400 per share.

Market volume was essentially unchanged from Monday, totalling nearly 104 million shares and fund certificates, while value of trades dropped 10 per cent to almost VND1.742 trillion (US$82.6 million).

Performance of stocks was mixed when shares of companies posting optimistic business results in the first half advanced, such as textile manufacturer Mirae Co (KMR), Nam Kim Steel Co (NKG) and construction Lilama 8 Co (LM8), but loss-making companies including Viet Han Corp (VHG), Vietnam Electricity Construction Corp (VNE) and Petroleum Pipeline and Tank Construction Corp (PXT) tumbled.

According to analysts, stocks will continue to differentiate in performance this week, based on the filing of their business results.

On the Ha Noi Stock Exchange, the HNX-Index also shed 0.52 per cent to close at 80.25 points.

The market was neutral with 80 shares rising, 99 declining and 180 closing flat.

Trading was sluggish with the market volume and value dropping 20 per cent from the previous day, totalling 45 million shares worth VND553 billion ($26.2 million).

FLC Joint Venture Global Investment Co (KLF) became the most active in the capital with 4.3 million shares traded, rallying 1.8 per cent to end at VND11,500 a share.

Foreign investors were again the net buyers on the HCM City market, picking up shares worth VND38.67 billion ($1.8 million). By contrast, they were net sellers on the Ha Noi exchange, unloading shares worth VND40.5 billion ($1.9 million). — VNS

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