Bourses fall as investors take flight

tohang

Stocks slid further yesterday on both exchanges as investors increased selling out because of fears of wider slumps.

Investors observe market movements at the BSC trading floor. — VNS Photo Truong Vi

HA NOI (Biz Hub) — Stocks slid further yesterday on both exchanges as investors increased selling out because of fears of wider slumps.

The VN-Index on the HCM City Stock Exchange lost more than 8 points, or 1.37 per cent, to close the session at 605.79 points, while the VN30, which tracks the top 30 shares by market value and liquidity, went down 1.53 per cent to end at 641.13 points.

Sell-offs happened on almost all blue chips. Large-cap shares such as PV Gas (GAS), Vinamilk (VNM), Vietcombank (VCB), Vietinbank (CTG), Bao Viet Holdings (BVH) and Phu My Fertiliser (DPM) all lost value.

According to analysts at FPT Securities Company, global stock markets' dives in recent sessions had a negative impact on the local exchanges, although it usually lacked correlation with outside markets.

The market volume was a little changed from the previous session, totaling 115.3 million shares worth more than VND2 trillion (US$98 million).

Speculative stocks continued to draw investors' attention. FLC Group (FLC) and Tan Tao Investment Industry Corporation (ITA) were the two most active stocks yesterday with 8.2 million FLC shares and 5.5 million ITA shares traded. However, shares of these two stocks slipped 1.7 per cent and 1.1 per cent, respectively.

On the Ha Noi Stock Exchange, the HNX-Index also dropped 1 per cent to finish at 89.52 points. The advancers doubled the decliners.

Trading volume climbed 10 per cent over Monday to reach over 65 million shares while value of trades was up 20 per cent to VND1 trillion (US$47.4 million).

PetroVietnam Construction Corporation (PVX) was again the most heavily-traded stocks with 7.9 million shares, sliding 1.52 per cent to end at VND6,500 a share.

According to technical analysis of Viet Capital Securities Co, the market was in "accumulation" period and the selling pressure will likely decrease in the next sessions when the two indices approach the support levels of 604 points for the VN-Index and 89.5 points for the HNX-Index.

Foreign investors also decreased their sells yesterday, as their net sell value on the two markets reached just VND38 billion (US$1.8 million), down about 85 per cent compared with their net total sells made on Monday. — VNS

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