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VietNamNews

Profit-taking slows market gains

Update: September, 05/2014 - 07:42

On the HCM Stock Exchange, the benchmark VN-Index inched down just 0.08 per cent to close yesterday's session at 640.22 points.— Photo tinnhanhchungkhoan

HA NOI (VNS) — Shares failed to sustain their morning gains yesterday under heavy profit-taking pressure after a long rally.

The development follows forecasts by securities firms that expect the market to go into a correction phase after hitting a six year and a half high. However, strong cash flows have helped cushion the drop-off.

On the HCM Stock Exchange, the benchmark VN-Index inched down just 0.08 per cent to close yesterday's session at 640.22 points.

Blue chips were the main drag as many of the top 30 shares by market value and liquidity lost value, including Vinamilk (VNM), VinGroup (VIC), Bao Viet Holdings (BVH), Ocean Group (OGC), Saigon Securities Inc (SSI) and Hoa Sen Group (HSG)

The VN30 decreased 0.05 per cent to end at 678.59 points.

Liquidity declined, with the market volume falling 20 per cent from the previous session. Around 163 million shares were traded for VND3 trillion (US$142 million), down 15 per cent in value.

Value of negotiated transactions was high at nearly VND518 billion ($24.5 million), mainly from blue chips like FPT Corporation (FPT) with VND254 billion ($12 million) and Kinh Bac City Development (KBC) with VND90.4 billion ($4.3 million).

However, FLC Group (FLC) remained the most active code on the exchange with trades of 11.7 million shares, slipping 1.52 per cent to close at VND13,000.

On the Ha Noi Stock Exchange, steady demand helped lift the HNX-Index 0.2 per cent to finish at 87.50 points.

Market volume remained high at nearly 94 million shares worth over VND1 trillion ($47.4 million).

Hot stocks including PetroVietnam Construction (PVX), FLC Joint Venture Global Investment Co (KLF), Sacomreal (SCR), PetroVietnam Technical Services (PVS) and PetroVietnam Drilling Mud (PVC) attracted high investment, of which PVX led the market with a volume of 13 million shares. PVX ended flat at VND5,700.

Foreign traders were net buyers in HCM City with a value of VND156 billion ($7.4 million), but turned their heads in Ha Noi, unloading shares worth VND15.4 billion ($727,500). — VNS

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