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VietNamNews

Selling pressure downs shares

Update: June, 19/2014 - 08:55
The VN-Index on the HCM City Stock Exchange fell for three days straight from a one-and-a-half month high last Friday, declining by 0.39 per cent to 570.03 points yesterday.— Photo Vietnam+

HA NOI  (VNS) — Intensified selling in the afternoon trading dragged shares down on both national stock exchanges.

The VN-Index on the HCM City Stock Exchange fell for three days straight from a one-and-a-half month high last Friday, declining by 0.39 per cent to 570.03 points yesterday.

The benchmark index fluctuated, following gains and losses of market leaders such as PetroVietnam Gas Corporation (GAS), Masan Group (MSN), Vinamilk (VNM) and Vingroup (VIC).

A majority of the large-cap stocks fell as sell-offs occurred in the VN30-Index, tracking the performance of the 30 largest stocks by capitalisation and liquidity, dropping 0.32 per cent to reach 618.61 points.

Shares that declined yesterday included Vietcombank (VCB), which declined VND4,000 (US$0.19) or 13.33 per cent a share, and Masan Group (MSN),which fell to VND1,500 ($0.07) or 1.55 per cent lower.

Only six blue chips stocks managed to gain, while six maintained their share prices. Trading volume and value marginally declined in the previous trading session, with more than 99.9 million shares worth VND1.3 trillion (US$61.9 million) changing hands.

In a sluggish trading session, which tied buyers hands, some stocks rose and attracted significant capital inflows, such as Sacombank (STB), Viet Nam Electricity Construction Jsc (VNE), and stocks of the mining sector.

After rising for the two past trading sessions and playing the role of a major market support, stocks of the securities and property sectors declined yesterday as investors booked profits.

Saigon Securities (SSI), HCM City Securities (HCM), BIDV Securities (BSI) and Agribank Securities (AGR) lost between VND100 ($0.0047) and VND500 ($0.023) a share each.

Property FLC Group (FLC) and Tan Tao Group (ITA) also posted losses, but continued to lead the bourse in trading volume.

Given investors' cautious psychology, coupled with rising selling pressure, the HNX-Index on the Ha Noi Exchange fell 0.18 per cent to 76.85 points and the HNXFF-Index, composed of stocks with a minimum free float rate of 5 per cent, edged down 0.36 per cent to 77.42 points.

The HNX30-Index, tracking the top stocks, ended 0.52 per cent lower at 154.11 points.

With nearly 55.2 million shares changing hands, the trading value rose to VND571.8 billion ($27.2 million).

Foreign investors purchased a net volume of 4.5 million shares and a net value of VND95.16 billion ($4.7 million) yesterday, respectively, 370.7 per cent and 574.4 per cent higher than the previous trading session.

Sacombank (STB) was heavily traded by Market Vectors Viet Nam ETF during its porfolio's review. — VNS


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