Investors at BIDV Securities Company's trading floor (Photo: VNA)Shares lost early gains to close lower on September 24 on the HCM Stock Exchange as many blue chips turned around to decline towards the end of the session.
The benchmark VN-Index reversed the morning gain and edged down 0.4 percent to 570.3 points. The Index also inched lower by 0.1 percent on September 23.
Large-cap shares were the main drag as almost half of the top 30 shares by market value and liquidity declined while only nine advanced.
"Current valuations of many large-cap stocks seem to exceed estimation," analysts at FPT Securities Co wrote in a report on the company's website on September 24.
Trades on the top 30 shares, which totaled 34.5 million shares worth over 764 billion VND (34 million USD), accounted for over 32 percent of market volume and nearly 50 percent of market value in the HCM City's market.
According to analysts at Saigon-Hanoi Securities Co said the market would likely continue to trade in a range of between 570 and 575 points.
Overall liquidity continued to drop with just 107 million shares worth 1.6 trillion VND (71.1 million USD) traded on September 24, down just 1 percent in volume but 15 percent in value compared with the levels on September 23.
These figures were much lower than the average of nearly 135 million shares and 2 trillion VND (88.9 million USD) recorded during the June to August period.
Banks, insurers and oil and gas sectors, which provided momentum for the market in previous rallies, were sold heavily on September 24.
Bank for Investment and Development of Vietnam (BID), Sacombank (STB) and insurer giant Bao Viet Holdings (BVH) decreased between 1 percent and 2 percent.
PetroVietnam Drilling and Wells Service (PVD) and PetroVietnam Gas (GAS) also slumped over 1 percent following slides in global oil prices.
On the Hanoi Stock Exchange, the HNX-Index extended the winning run to seven days in a row, adding another 0.2 percent to finish the session at 78.6 points. It has risen 2.6 percent in the past seven days.
The number of advancing stocks outnumbered that of losers by 101 to 70 while 197 closed unchanged.
The trading volume climbed 28.2 percent over the previous session, totaling nearly 42 million shares, while the value of trades jumped 32 percent to reach 499.4 billion VND (22.2 million USD).-VNA
