Illustrative photo (Photo: thoibaotaichinhvietnam.vn)Hanoi (VNA) - Shares slipped further on December 20 on the HCM StockExchange, driven by steep declines of Vinamilk (VNM) and Sabeco (SAB), the twolargest listed stocks.
Thebenchmark VN-Index, the measure of 320 stocks on the southern bourse, edgeddown 1.73 percent to close at 662.66 points.
Thegauge inched down 0.1 percent on December 19.
TheDecember 20 fall was mainly attributed to slumps of dairy firm Vinamilk andbrewery giant Sabeco which dropped 3.3 percent and 7 percent, respectively.
VNMsettled down to 124,600 VND (5.49 USD) a share while SAB closed at 197,200 VND andremained the most expensive stock.
Vinamilk(VNM) is the largest stock while Sabeco (SAB) is the second.
“Dropsof these two stocks accounted for two thirds of the VN-Index’s decrease and affectedinvestor sentiment,” stock analysts at Vietnam Investment Securities Company(IVS) wrote in a note.
However,declining liquidity showed that sellers did not sell at any cost and the slumpof the VN-Index was mainly driven by large-cap stocks.
Over100 million shares worth 2.1 trillion VND were traded on HCM City’s market, downnearly 20 percent in volume compared to the December 20 level.
Bluechips were on the defensive as 22 of the top 30 largest shares by marketcapitalisation and liquidity lost value and only five advanced.
Foreigninvestors extended their net selling streak to five consecutive sessions on theHCM Stock Exchange, responsible for value of 158 billion VND.
SABremained the top shares being purchased most by foreign traders in terms of value,with 32.6 billion VND, while the foreign sector continued to sell VNM sharesfor the biggest value of 124.7 billion VND.
Accordingto IVS analysts, SAB will likely continue to drop in the following sessionunder heavy profit-taking selling and this would negatively affect theVN-Index. SAB had doubled its price in just 10 days of trading and started toexperience downward correction on December 19.
“However,if share prices fall sharply, this may trigger bargain efforts again,” theysaid.
Onthe Hanoi Stock Exchange, the HNX-Index tracking 375 stocks, decreased 0.22 percentto end at 79.77 points. The index was up 0.3 percent on December 20.
Morethan 35 million shares worth nearly 320 billion VND were traded.
Foreigntraders were net buyers on Hanoi’s market but the net value remained tiny atjust 200 million VND.-VNA
Thebenchmark VN-Index, the measure of 320 stocks on the southern bourse, edgeddown 1.73 percent to close at 662.66 points.
Thegauge inched down 0.1 percent on December 19.
TheDecember 20 fall was mainly attributed to slumps of dairy firm Vinamilk andbrewery giant Sabeco which dropped 3.3 percent and 7 percent, respectively.
VNMsettled down to 124,600 VND (5.49 USD) a share while SAB closed at 197,200 VND andremained the most expensive stock.
Vinamilk(VNM) is the largest stock while Sabeco (SAB) is the second.
“Dropsof these two stocks accounted for two thirds of the VN-Index’s decrease and affectedinvestor sentiment,” stock analysts at Vietnam Investment Securities Company(IVS) wrote in a note.
However,declining liquidity showed that sellers did not sell at any cost and the slumpof the VN-Index was mainly driven by large-cap stocks.
Over100 million shares worth 2.1 trillion VND were traded on HCM City’s market, downnearly 20 percent in volume compared to the December 20 level.
Bluechips were on the defensive as 22 of the top 30 largest shares by marketcapitalisation and liquidity lost value and only five advanced.
Foreigninvestors extended their net selling streak to five consecutive sessions on theHCM Stock Exchange, responsible for value of 158 billion VND.
SABremained the top shares being purchased most by foreign traders in terms of value,with 32.6 billion VND, while the foreign sector continued to sell VNM sharesfor the biggest value of 124.7 billion VND.
Accordingto IVS analysts, SAB will likely continue to drop in the following sessionunder heavy profit-taking selling and this would negatively affect theVN-Index. SAB had doubled its price in just 10 days of trading and started toexperience downward correction on December 19.
“However,if share prices fall sharply, this may trigger bargain efforts again,” theysaid.
Onthe Hanoi Stock Exchange, the HNX-Index tracking 375 stocks, decreased 0.22 percentto end at 79.77 points. The index was up 0.3 percent on December 20.
Morethan 35 million shares worth nearly 320 billion VND were traded.
Foreigntraders were net buyers on Hanoi’s market but the net value remained tiny atjust 200 million VND.-VNA
VNA
