The benchmark VN Index drops 0.64 per cent on July 17 on rising investor caution about downward correction. (Photo: vir.com.vn)Hanoi (VNA) - Shares declined further on July 17 as most large-cap stocksslipped on investor caution about a steeper downward correction.
Onthe HCM Stock Exchange, the VN-Index dropped 1.12 percent to close at 768.91points. The key index inched down 0.1 percent in the previous session after athree-day rally.
Twentyseven of the 30 largest shares by market value and liquidity lost value andonly three gained, driving the VN30 down 1.9 percent at 745.6 points.
Sector-leadingcompanies such as Vinamilk (VNM), Petrolimex (PLX), PV Gas (GAS), Vietcombank(VCB), Vietinbank (CTG), FPT (FPT), Hoa Phat Group (HPG), Masan Group (MSN) andVinGroup (VIC) all fell.
“TheVN-30 was sold out strongly today possibly due to the restructuring of theportfolio funds in the future,” market analysts at BIDV Securities Co (BSC)wrote in a note.
Overallmarket breadth was negative as declining stocks outnumbered advancing ones by194-85, with another 60 unchanged.
“Marketbreadth remains negative, suggesting that the pervasive cash inflows continueto diminish,” BSC’s analysts said, expecting the market to move about 765-770points in the upcoming trading sessions as the effect of Monday’s correctioneroded.
Moneyflowed into low-value stocks, especially those priced below 10,000 VND pershare, such as Tan Tao Industry and Investment (ITA), FLC (FLC), Hoang QuanConsulting-Trading-Service Real Estate Corp (HQC), Hoang Huy InvestmentServices (HHS) and Quang Nam Rubber Investment (VHG).
Thesewere the most heavily traded stocks, with eight to 12 million shares traded foreach company. Except HQC, the other four stocks advanced between 1.1 and 6.8 percenteach.
Onthe Hanoi Stock Exchange, the HNX Index lost 1.78 percent to settle at 98.64points.
Liquidityincreased sharply with nearly 335 million shares worth 5.6 trillion VND (246.7million USD) traded in the two exchanges, up 22.8 percent in volume and 33.3 percentin value compared to the previous session.
Foreigntraders also offloaded local shares. They concluded as net sellers on the HCMCity’s bourse after a five-day net buying streak, responsible for net value of 98billion VND. They also increased net selling value in Hanoi’s market by ninetimes compared to July 14 to touch 35 billion VND.-VNA
Onthe HCM Stock Exchange, the VN-Index dropped 1.12 percent to close at 768.91points. The key index inched down 0.1 percent in the previous session after athree-day rally.
Twentyseven of the 30 largest shares by market value and liquidity lost value andonly three gained, driving the VN30 down 1.9 percent at 745.6 points.
Sector-leadingcompanies such as Vinamilk (VNM), Petrolimex (PLX), PV Gas (GAS), Vietcombank(VCB), Vietinbank (CTG), FPT (FPT), Hoa Phat Group (HPG), Masan Group (MSN) andVinGroup (VIC) all fell.
“TheVN-30 was sold out strongly today possibly due to the restructuring of theportfolio funds in the future,” market analysts at BIDV Securities Co (BSC)wrote in a note.
Overallmarket breadth was negative as declining stocks outnumbered advancing ones by194-85, with another 60 unchanged.
“Marketbreadth remains negative, suggesting that the pervasive cash inflows continueto diminish,” BSC’s analysts said, expecting the market to move about 765-770points in the upcoming trading sessions as the effect of Monday’s correctioneroded.
Moneyflowed into low-value stocks, especially those priced below 10,000 VND pershare, such as Tan Tao Industry and Investment (ITA), FLC (FLC), Hoang QuanConsulting-Trading-Service Real Estate Corp (HQC), Hoang Huy InvestmentServices (HHS) and Quang Nam Rubber Investment (VHG).
Thesewere the most heavily traded stocks, with eight to 12 million shares traded foreach company. Except HQC, the other four stocks advanced between 1.1 and 6.8 percenteach.
Onthe Hanoi Stock Exchange, the HNX Index lost 1.78 percent to settle at 98.64points.
Liquidityincreased sharply with nearly 335 million shares worth 5.6 trillion VND (246.7million USD) traded in the two exchanges, up 22.8 percent in volume and 33.3 percentin value compared to the previous session.
Foreigntraders also offloaded local shares. They concluded as net sellers on the HCMCity’s bourse after a five-day net buying streak, responsible for net value of 98billion VND. They also increased net selling value in Hanoi’s market by ninetimes compared to July 14 to touch 35 billion VND.-VNA
VNA
