An investor watches share prices on an electronic board at Bao Viet Securities Co. (Photo: VNA)Hanoi (VNA) - Shares suffered strong correction on December 5 onthe two stock exchanges after a three-week rally came under heavy profit-takingpressure.
The VN-Index on the HCM Stock Exchange slumped 1.72 percent to close at 953.30points. Vietnam’s benchmark index climbed over 13.5 percent in the past month.
Large-cap stocks experienced the heaviest selling pressure with 26 of the top30 largest stocks by market value and liquidity declining, while only threeadvanced.
FLC Faros Construction (ROS) was the biggest loser, down 6.3 percent.
Major shares with losses of over 2 percent included Vinamilk (VNM), lender BIDV(BID), Vietinbank (CTG), IT giant FPT Corp (FPT), Binh Minh Plastic (BMP) andTien Phong Plastic (NTP).
Brewer Sabeco was also down 0.7 percent after strong rallies over the past twoweeks following the Ministry of Industry and Trade’s announcement of selling amajority of stakes in the company.
On the positive side, PV Gas (GAS), the biggest listed energy company, wasamong few gainers, rising 1.6 percent to 82,700 VND (3.63 USD) per share.Confectionery Kido Group (KDC) was also up 2 percent and sugar maker ThanhThanh Cong – Bien Hoa JSC (SBT) climbed 6.3 percent.
According to BIDV Securities Co, December 5’s downturn was a necessarycorrection in the context of the market climbing too fast.
However, despite the index slump, liquidity continued to increase sharply,showing strong demand among investors.
About 265.5 million shares worth 7.34 trillion VND (322 million USD) weretraded on the southern market, down 1.7 percent in trading volume but up 18 percentin trading value compared to the previous session.
On the Hanoi Stock Exchange, the HNX-Index dropped by a steeper 2.98 percent toend at 113.23 points.
Nearly 83 million shares worth 1.14 trillion VND were traded on the northernbourse.
Tran Hai Yen, a stock analyst at Bao Viet Securities Co, said the bearishsession on December 5 may have had a negative impact on the early session ofDecember 6 but she believed this correction will be short-lived and the overallindex will soon rebound.
Foreign investors were net buyers in HCM City’s market for a net value of 138.4billion VND, but they were responsible for a small net sell value of 11 billionVND on the Hanoi exchange.-VNA
VNA
