Shares continued to retreat on Feb. 13 on profit-taking, closing thefirst session of this week down on both national stock exchanges withover 55 percent of codes losing value, led by blue chips.
"It's clear that investors are selling to take profits," an analyst ofFPT Securities Co wrote on the company's website, adding that it couldbe a "mixed blessing as it may generate a new wave of buyers or it maysend the downward spiral deeper."
He believed cash flowswill be injected into the market but that most cash holders will ratherwait because they wanted to buy at lower prices.
Investorsand analysts are closely monitoring this correction phase as theybelieve if money flows continue to pour into the market in the comingsessions, the market will soon rebound. But analysts also warn it isdifficult for the market to surge on a lack of economic supportinginformation.
On the HCM Stock Exchange, the VN-Index slid2.34 percent to finish previous session at 395.54 points. Market volumedeclined 31 percent from Feb. 10 to just 34.5 million shares, worth679.3 billion VND (32.3 million USD).
Blue chips slumpedwith nine stocks of the VN30 hitting the floor prices, while the VN30Index lost 2.62 percent over Feb. 10 to finish at 446.23 points.
Bank shares, the impetus behind last week's gains, all lost ground onFeb. 13. Vietinbank (CTG) and Sacombank (STB) dropped to their floorprices, while Eximbank (EIB) – the most active share with a volume of1.76 million shares traded – was down 4.4 percent; Military Bank (MBB)closed off at 6.8 percent; and Vietcombank (VCB) lost 1.6 percent.
Only Phu My Fertiliser (DPM) bucked the trend, gaining 1.4 percent toclose at 28,900 VND (1.38 USD). DPM posted a net profit of 3.1 trillionVND (147.6 million USD) in 2011, and its cash-on-hand reached over 4trillion VND (190.5 million USD) by the end of last year.
The benchmark HNX-Index on the Hanoi Stock Exchange concluded on Feb. 13at 61.04 points, down 2.63 percent over last week close, with declinersoverwhelming advancers by a factor of four to one.
Trading value remained low at 272.2 billion VND (13 million USD) with 32.3 million shares changing hands.
Bank shares also lost ground on the Hanoi bourse. Hanoi HousingBank (HBB) and Sai Gon-Hanoi Bank (SHB) plunged to the floor while AsiaCommercial Bank (ACB) also slid 5.1 percent.
VNDirectSecurities (VND), the most heavily-traded stock nation-wide with 4.37million shares exchanged, also bottomed out at 7,100 VND.
Foreign investors concluded on Feb. 13 as net buyers on both exchanges,picking up a combined 63.3 billion VND (3 million USD) worth of shares./.
"It's clear that investors are selling to take profits," an analyst ofFPT Securities Co wrote on the company's website, adding that it couldbe a "mixed blessing as it may generate a new wave of buyers or it maysend the downward spiral deeper."
He believed cash flowswill be injected into the market but that most cash holders will ratherwait because they wanted to buy at lower prices.
Investorsand analysts are closely monitoring this correction phase as theybelieve if money flows continue to pour into the market in the comingsessions, the market will soon rebound. But analysts also warn it isdifficult for the market to surge on a lack of economic supportinginformation.
On the HCM Stock Exchange, the VN-Index slid2.34 percent to finish previous session at 395.54 points. Market volumedeclined 31 percent from Feb. 10 to just 34.5 million shares, worth679.3 billion VND (32.3 million USD).
Blue chips slumpedwith nine stocks of the VN30 hitting the floor prices, while the VN30Index lost 2.62 percent over Feb. 10 to finish at 446.23 points.
Bank shares, the impetus behind last week's gains, all lost ground onFeb. 13. Vietinbank (CTG) and Sacombank (STB) dropped to their floorprices, while Eximbank (EIB) – the most active share with a volume of1.76 million shares traded – was down 4.4 percent; Military Bank (MBB)closed off at 6.8 percent; and Vietcombank (VCB) lost 1.6 percent.
Only Phu My Fertiliser (DPM) bucked the trend, gaining 1.4 percent toclose at 28,900 VND (1.38 USD). DPM posted a net profit of 3.1 trillionVND (147.6 million USD) in 2011, and its cash-on-hand reached over 4trillion VND (190.5 million USD) by the end of last year.
The benchmark HNX-Index on the Hanoi Stock Exchange concluded on Feb. 13at 61.04 points, down 2.63 percent over last week close, with declinersoverwhelming advancers by a factor of four to one.
Trading value remained low at 272.2 billion VND (13 million USD) with 32.3 million shares changing hands.
Bank shares also lost ground on the Hanoi bourse. Hanoi HousingBank (HBB) and Sai Gon-Hanoi Bank (SHB) plunged to the floor while AsiaCommercial Bank (ACB) also slid 5.1 percent.
VNDirectSecurities (VND), the most heavily-traded stock nation-wide with 4.37million shares exchanged, also bottomed out at 7,100 VND.
Foreign investors concluded on Feb. 13 as net buyers on both exchanges,picking up a combined 63.3 billion VND (3 million USD) worth of shares./.
