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VietNamNews

Two stocks buck downward trend

Update: November, 05/2014 - 08:04

On the HCM City Stock Exchange, 21 of the 30 largest stocks tracked by the VN30 Index retreated. — Photo Vnexpress

HA NOI (VNS) — Profit-taking measures drove shares down yesterday.

Investors sold blue chips, which have the maximum influence on the market, in large numbers.

On the HCM City Stock Exchange, 21 of the 30 largest stocks tracked by the VN30 Index retreated.

Vietcombank (VCB), after rising strongly in three successive sessions, fell by 2.5 per cent. Private equity group Masan (MSN), PetroVietnam Drilling Services (PVD) and Da Nang Rubber (DRC), as well as steelmaker Hoa Sen (HSG) slumped rapidly.

The only two stocks that gained were HCM City Infrastructure Investment (CII) and Kinh Do Confectionery (KDC).

The VN30 Index lost 0.73 per cent to close at 639.91 points.

The benchmark VN-Index fell 0.79 per cent, reaching 598.39 points, failing to exceed its resistance level.

The overall value of transactions on the bourse was VND2.2 trillion (US$103.7 million), with the trading volume being more than 116.1 million shares.

On the Ha Noi Stock Exchange, the HNX-Index closed at 88.71 points, down 0.18 per cent compared to Monday.

The HNX30 Index, charting the performance of the northern market's 30 leading stocks, shed 0.226 per cent to end at 176.98 points, although it posted gains during the morning trading.

Investors traded about 49.8 million shares, worth VND768.2 billion ($36.2 million).

On Monday, VNDirect Securities predicted a correction on both exchanges, as the buying power had slowed down.

However, the company said that investors would buy when the VN-Index falls to 597 points, and might consider large real estate firms such as Vingroup (VIC), Kinh Bac (KBC) and DIC Corp (DIG).

Nguyen Duc Hung Linh, Saigon Securities Inc's director of retail research and investment advisory, said that the market was still under a short-term pressure of profit-taking.

"In the long term, the prospects are positive, thanks to declining input costs of the economy, which will help enhance business profits and consumption," he added. — VNS

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