|The VN-Index on the HCM Stock Exchange edged down 0.63 per cent to close the session at 626.90 points as the decliners outnumbered the advancers by 106 to 89 while other 110 codes went flat. — Photo doanhnhansaigon
HA NOI (VNS) — The markets continued their correction phase yesterday but on a slower pace thanks to recovery of several blue chips.
The VN-Index on the HCM Stock Exchange edged down 0.63 per cent to close the session at 626.90 points as the decliners outnumbered the advancers by 106 to 89 while other 110 codes went flat.
Most of bank stocks extended losses, but some other large-cap shares rallied, which cushioned the fall.
Members of the top 30 shares by market value and liquidity like steel market's Hoa Phat Group regained 3.5 per cent while insurer Bao Viet Holdings (BVH) increased 1.6 per cent and Saigon Securities Inc (SSI) rose 0.4 per cent.
However, many others still slumped including Masan Group (MSN), VinGroup (VIC) and Vinamilk (VNM), pulling the VN30 down 0.37 per cent to 649.06 points.
"The market is struggling to test investors' expectations as well as demand power while the VN-Index is approaching the five-year peak after a long rally," analysts at Sai Gon-Ha Noi Securities Co wrote in a note.
They said profit-taking pressure in leading stocks which have seen hot rises in the past rallies was spreading to a large scale leading to decline in liquidity on growing investor caution.
Liquidity in the HCM City's market continued to drop slightly yesterday, totalling nearly 133 million shares worth VND2.44 trillion (US$112 million).
HCM City Infrastructure Investment (CII) was the leading stock in terms of volume with 17.1 million shares changing hands, climbing over 5 per cent to close at VND27,200 ($1.25) a share.
On the Ha Noi Stock Exchange, the HNX-Index inched down just 0.08 per cent to end at 87.59 points but both market volume and value declined 10 per cent from the previous session, reaching just almost 57 million shares worth VND731 billion ($33.5 million).
Sai Gon Thuong Tin Real Estate Co (SCR) was the most active here with 6.5 million shares while its price also jumped 3.5 per cent to settle at VND9,000 a share.
Foreign trading was mixed yesterday. Foreigners unexpectedly sold a net value of VND143.3 billion ($6.6 million) in the HCM City's market but remained net buyers on the Ha Noi bourse, picking up a modest value of VND19.4 billion ($890,000) worth of shares. — VNS