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Shares tumble after extended rally

Update: June, 17/2014 - 09:31
The VN30-Index was supported by Masan Group (MSN) which rose by 1 per cent, Vingroup (VIC) adding 0.77 per cent and Sacombank (STB) gaining 1.94 per cent. — Photo misa

HA NOI (VNS)  — Shares tumbled on HCM City Stock Exchange yesterday after increasing for five days strait on a low-pace trading.

The VN-Index dropped 2.11 points, or as much as 0.37 per cent to land at 572.37 points although receiving supports from large-cap stocks with the VN30-Index, tracking the performance of the southern bourse's 30 top stocks by capitalisation and liquidity, adding 0.14 per cent to 618.62 points.

The VN30-Index was supported by Masan Group (MSN) which rose by 1 per cent, Vingroup (VIC) adding 0.77 per cent and Sacombank (STB) gaining 1.94 per cent.

Shares of gas sector posted losses yesterday, such as PetroVietnam Transportation Corporation (PVT), PetroVietnam Low Pressure Gas Distribution (PGD) and PetroVietnam General Services Corporation (PET) which dropped respectively by 4.65 per cent, 2.23 per cent and 1.85 per cent.

The huge loss of PetroVietnam Gas Corporation (GAS) by 1.94 per cent yesterday was a major factor dragging down the benchmark index.

Trading was at a low pace with both sellers and buyers in a cautious psychology.

The trading volume and value slightly improved over Friday, with nearly 87.6 million shares changing hands, worth VND1.48 trillion (US$70.4 million).

Stocks of the property sectors were active yesterday.

Real estate Hoang Quan Corporation (HQC) lead by trading volume with 7.25 million shares changing hands, rising by 5.7 per cent to its ceiling price of VND7,400 ($0.35) a share.

On Ha Noi Exchange, the HNX-Index ended 0.34 per cent lower at 76.42 points while the HNXFF-Index, composed of stocks with minimum free float rate of 5 per cent, lost 0.28 per cent to 76.94 points.

Tracking the 30 largest stocks, the HNX30-Index ended 0.37 per cent lower at 152.93 points.

With more than 40.5 million shares changing hands, the total trading value reached VND412 billion ($19.6 million).

On the HCM City Stock Exchange, foreign investors concluded as net buyers of VND15.25 billion ($726,100) shares yesterday, after a slight net buying on Friday.

STB was the most heavily-traded stock by foreign investors. Market Vector Vietnam ETF recently annouced to increase the percentage of STB in its porfolio from 4.26 per cent to 8 per cent and the fund would purchase nearly 20 million shares of STB during this week.

Foreign investors purchased a net value of VND15.26 billion ($726,600) on the northern bourse.

Viet Nam Investment Securities said that yesterday's losses occurred partly due to due to profit booking by several investors.

Stock analysts forecast that the market would continue to post slight losses in several coming trading sessions as the VN-Index struggled to approach the resistance band of 580 points.

FPT Securities urged investors to keep a close watch on the review of exchange-traded funds's porfolios due this week when making investment decisions. — VNS

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