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VN-Index sinks as blue chips slide

Update: June, 17/2015 - 08:34

The VN30 edged down 0.62 per cent to 600.92 points. Overall market conditions were also negative, as the number of decliners doubled advancers. — Illustrative image/ Photo tinnhanhchungkhoan

HA NOI (VNS) — Shares declined further yesterday afternoon with the benchmark VN-Index losing 1.05 per cent to close the session at 580.35 points.

Blue chips were the main drag on the market. Most of the VN30, which tracks the top 30 shares by market value and liquidity, tumbled.

Bank stocks were the biggest gainers with Vietcombank (VCB), Vietinbank (CTG) and BIDV (BID) dropping more than 2 per cent. Other heavyweight stocks like VinGroup (VIC), Vinamilk (VNM), Masan Group (MSN), PetroVietnam Drilling and Wells Service (PVD), FPT Corp (FPT) and Bao Viet Holdings (BVH) also lost value.

VN30 edges down

The VN30 edged down 0.62 per cent to 600.92 points. Overall market conditions were also negative, as the number of decliners doubled advancers.

Profit pushed up liquidity, however. Almost 163 million shares worth VND2.57 trillion (US$117.9 million) were traded by the end of the session, up 20 per cent over Monday's value.

Realty stocks were unloaded, led by FLC Group (FLC) and HCM City Infrastructure Investment Corp (CII), the two most active stocks in HCM City's market.

FLC saw a whopping 32.6 million shares traded, falling 4.2 per cent to close at VND9,100 a share while CII with 8.7 million shares exchanged decreased 2.2 per cent to finish at VND22,600 ($1.04) each.

On the Ha Noi Stock Exchange, the HNX-Index also dived 1.09 per cent to conclude the session at 87.40 points with 111 stocks tumbling, 89 rising and 157 going flat.

Many traders decided to earn short-term profit although the market outlook was still bright that lifted both market volume and value. Nearly 78.4 million shares worth VND1 trillion ($45.9 million) changed hands here yesterday, up 20 per cent in volume and 40 per cent in value over Monday's levels.

FIT Investment Co (FIT) remained the most active code with 11.7 million shares exchanged, but its price dropped to the floor price of VND15,100 ($0.69) a share.

Foreign investors yesterday returned net buyers in HCM City's market after several days of net selling. They picked up shares worth more than VND39 billion ($1.8 million) here. Meanwhile, they continued to buy shares in Ha Noi's exchange with a net buy value of more than VND20 billion ($917,400). Many traders decided to take margins, although the market outlook was still bright and investor confidence remained high, a stock analyst in Hanoi said. Growing selling weighed the market down to its low of the day at closing time, he said. — VNS

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