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Blue chips drag down bourses

Update: May, 13/2015 - 07:58

On the HCM Stock Exchange, the VN-Index declined by 1.32 per cent to end the session at 544.41 points. — Photo kinh-te

HA NOI (VNS) — Shares saw big losses at the close of the market yesterday, dragged down by blue chips. Between the two bourses, the number of declining stocks tripled that of advancing ones.

On the HCM Stock Exchange, the VN-Index declined by 1.32 per cent to end the session at 544.41 points.

Large-cap stocks plummeted with heavyweight shares like Hoang Anh Gia Lai Co (HAG), Masan Group (MSN) and Hoa Phat Group (HPG) dropping between 3-4.3 per cent. Others, including PV Gas (GAS), Vinamilk (VNM), VinGroup (VIC) and bank stocks, also closed in red.

The VN30 which tracks the top 30 shares by market value and liquidity, dived 1.45 per cent to finish the day at 571 points.

"Cash flows in the market are still somewhat low. A strong fluctuation between each session shows that investors are cautious about the current trading risks," an analyst at Bao Viet Securities Co (BVSC) wrote in an online report.

According to analysts, there will not be a lot of available investor information in May and that may reduce the interest of big investors.

"It's difficult to seek short-term profits in the current context as the market is strongly segmented. The market is tending to move up-and-down and will be accompanied by low liquidity in the coming sessions," they said.

Total market volume yesterday was down by 23 per cent from Monday, with 80 million shares worth VND1.39 trillion (US$64.1 million).

Real estate company FLC Group (FLC) was the most active stock with 6.8 million shares, rising 1 per cent in value to close the session at VND10,000 a share.

On the Ha Noi Stock Exchange, the HNX-Index hit a 2015 low at 79.15 points, a decrease of 0.76 per cent from Monday. The HNX30, the tracker of the 30 stocks with the highest liquidity, also slipped 1.08 per cent to finish at 148.15 points.

Liquidity was little changed from the previous session at 43.6 million shares worth VND451.5 billion ($20.8 million).

Sai Gon- HaNoi Bank (SHB) continued to be the most active code with 10.6 million shares traded. Its price declined 1.3 per cent to close at VND7,800 each.

Foreign investors started to sell out after a long net buying streak. They unloaded shares worth VND28.15 billion ($1.3 million) in the HCM City's market yesterday. However, they remained net buyers in Ha Noi with a buy value of VND6.53 billion ($301,000). — VNS

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