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VN-Index retreats as investor pessimism takes hold

Update: March, 19/2015 - 08:56
On the HCM City Stock Exchange, the VN-Index retreated below 580 points, losing 0.53 per cent to close the session at 578.68 points. — Photo pda
HA NOI  (VNS) — Increased selling pressure hit investor sentiment yesterday, dragging down shares on both national stock exchanges.

On the HCM City Stock Exchange, the VN-Index retreated below 580 points, losing 0.53 per cent to close the session at 578.68 points.

Market conditions were negative, with 117 shares falling, 89 shares rising and 102 shares staying flat.

According to many analysts, the VN-Index falling below 580 points could cause investor pessimism that could push the market down further. Selling pressure is also rising, driven by negative information including hikes in petrol and electricity prices, and forex rates.

Increases were seen in most penny and mid-cap shares while blue chips dived.

The biggest stock in terms of market capitalisation, PV Gas (GAS), decreased 1.3 per cent to end at VND76,000 (US$3.55).

Other large caps on the VN30 such as Vietinbank (CTG), Bank for Investment and Development of Viet Nam (BIDV), Hoang Anh Gia Lai Co (HAG), Hoa Phat Group (HPG), Sacombank (STB) and Saigon Securities Inc (SSI) all saw losses.

The VN30, which tracks the top 30 shares by market value and liquidity, dropped 0.66 per cent to stand at 607.88 points. Liquidity improved slightly compared with Tuesday, totaling 108 million shares worth more than VND1.78 trillion ($83.2 million).

Property developer FLC Group (FLC) again claimed the most active spot with a whopping 24 million shares changing hands, but the price fell 1.64 per cent to finish at VND12,000 (56 cents).

Investors have shown strong confidence in this stock with more than 17 million FLC shares exchanged on average for the last 10 days.

On the Ha Noi Stock Exchange, the HNX-Index fell 0.36 per cent to end at 85.05 points. Market volume declined 10 per cent from the previous session to 46 million shares, while trading value was VND668 billion ($31.2 million), little change compared with Tuesday.

KLF Joint Venture Global Investment Co (KLF) remained the leading stock with 5.4 million shares exchanged, but dipped 1.8 per cent to finish at VND10,900. Foreign investors turned heads to become net buyers in HCM City yesterday after eight consecutive sessions of net selling. They picked up shares worth a combined VND13.32 billion ($622,400). They also continued as net buyers in Ha Noi, responsible for a purchases worth VND6.25 billion ($292,100). — VNS

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