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VietNamNews

VN-Index slumps as blue chips tumble

Update: September, 18/2014 - 08:42
Major large-cap stocks like PV Gas (GAS), Vinamilk (VNM), Masan Group (MSN), Hoang Anh Gia Lai Co (HAG) and Vietcombank (VCB) that rose in the morning turned towards the end of the session.— Photo hanoimoi

HA NOI  (VNS) — The VN-Index could not sustain its rise yesterday afternoon as blue chips continued to slide.

Major large-cap stocks like PV Gas (GAS), Vinamilk (VNM), Masan Group (MSN), Hoang Anh Gia Lai Co (HAG) and Vietcombank (VCB) that rose in the morning turned towards the end of the session.

On the HCM City Stock Exchange, the VN-Index lost 2 points, or 0.32 per cent to close at 625.66 points while the VN30, which tracks the top 30 shares by market value and liquidity, decreased 0.15 per cent to end at 665.66 points.

Securities shares replaced oil and gas-related stocks as the biggest gainers yesterday with Saigon Securities Inc (SSI), HCM Securities Co (HCM), BIDV Securities Co (BSI) and Agribank Securities Corp (AGR) all closing at the ceiling prices.

Liquidity remained high as market volume reached nearly 190 million shares worth VND3.612 trillion (US$171.2 million).

FLC Group (FLC) once again was the most heavily-traded stock with 21.8 million shares, edging up 0.84 per cent to close at VND12,000.

On the Ha Noi Stock Exchange, the HNX-Index closed nearly unchanged at 90.16 points.

Market volume climbed 60 per cent over the previous session, totaling 145 million shares while value of trades increased 55 per cent to more than VND2 trillion ($94.8 million).

Kim Long Securities Co (KLS) yesterday claimed the position of the most active stock from PetroVietnam Construction Corp (PVX) with 19 million shares traded. KLS price soared up to 9.6 per cent to finish at VND13,700 per share.

PVX came second on trades of 15.3 million shares, slipping 1.56 per cent to end at VND6,300 a share.

According to analysts at SHB Securities Co, the market outlook in the medium term was still positive. However, the market is likely to become more fragile as money inflows focus on hot stocks like oil and gas companies, securities and penny stocks.

Analysts encouraged investors to take advantage of the rising session to restructure their portfolios to reduce risk.

Foreign investors increased selling yesterday as their net sell value nearly doubled Tuesday's level, reaching VND382.2 billion ($18.1 million) worth of shares on the two exchanges. — VNS

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