Illustrative photo (Photo: laodong.com.vn)Hanoi (VNA) - Shares fell on the two exchanges on April 12 as investorsbooked short-term profits after the benchmark index set a nine-year new peak.
On the HCM Stock Exchange, thebenchmark VN Index retreated to 725.58 points, down 0.8 percent. The key indexhas gained nearly 10 percent this year.
On the HCM Stock Exchange, thebenchmark VN Index retreated to 725.58 points, down 0.8 percent. The key indexhas gained nearly 10 percent this year.
On the Hanoi Stock Exchange, the HNXIndex also decreased 0.8 percent to close at 89.91 points. The northern marketindex has expanded more than 14 percent since 2016.
Large-cap shares fell under sellingpressure when 22 of the 30 largest stocks by market value and liquiditydropped.
Losers include banks, insurers,steel and plastic manufacturers, consumer product companies, oil and gas firmsand real estate developers.
Realty shares were hit hard afterdiscrepancies in earnings reports by some real estate companies decreasedinvestor confidence.
Net profits of Tan Tao InvestmentIndustry Corp (ITA) shrank from 54 billion VND (2.4 million USD) to 39.2billion VND in 2016, equivalent to a 28 percent decrease after auditing.
ITA shares suffered an eighthstraight losing session on April 12, closing at about 3,000 VND a share, a lossof 26.3 percent.
Hoang Quan Consulting TradingService Real Estate Corp (HQC) also posted lower net profit in 2016 afterauditing, falling from nearly 112 billion VND to just 19.6 billion VND. HQCshares sank 5 percent in the morning trade but bounced back to the referenceprice of 2,340 VND a share.
Negative spillover spread to bigproperty companies such as VinGroup (VIC), Kinh Bac City Development (KBC), VinhPhuc Infrastructure Development (IDV) and Construction Joint Stock Company No 3(VC3).
On the other side of the fence, therecovery of Vinamilk (VNM), Vietjet Air (VJC) and software producer FPT Corp(FPT) cushioned the market.
“Q1 earnings have gradually beenreflected in stock prices and the market may see a temporary information gap,”analysts at FPT Securities Co wrote in a report.
They urged attention to movements offinancial stocks as this group often reflected market trends.
Liquidity rose slightly from April12’s figures with nearly 304 million shares worth a combined 4.9 trillion VND (roughly215 million USD) traded in the two markets.-VNA
VN
