Shares continued to plunge on May 18 despite net buys by foreign investors.

On the Hochiminh Stock Exchange, the VN-Index dived 1.58 percent to close the session at 528.95 points as the decliners overwhelmed the advancers by 199-37. Other 67 stocks ended flat.

The VN30 which tracks the top 30 shares by market value and liquidity was down 1.6 percent to end at 552.90 points.

Low valuation also attracted bargain investors, pushing up liquidity.

Both market volume and liquidity climbed 40 percent above the previous session's levels, totalling 105.4 million shares worth almost 1.553 trillion VND (71.6 million USD).

FLC Group (FLC) concluded the session as the most active code with whopping trades of 16.7 million shares. However, its price slumped 3.3 percent to finish at 9,100 VND a share.

On the Hanoi Stock Exchange, the HNX-Index dropped by a more substantial 2.17 percent to end the session at 76.51 points.

The market condition was also negative there as the number of losers was almost four-fold of gainers.

Liquidity was little changed here, however, as just over 42 million shares worth 422.3 billion VND (19.5 million USD) were traded by the end of the afternoon session.

Speculative KLF Joint Venture Global Investment Co (KLF) remained the most active code with more than 5.8 million shares traded, plummeting 5.9 percent to settle at 6,400 VND a share.

According to most analysts, heavy sell-offs from the opening time dampened investors' enthusiasm while the market was also weighed down by a steep fall in blue chips.

This pessimistic development moderated the positive impact of foreign net buys.

Foreign investors returned as net buyers in both local markets yesterday after a two-week net selling streak. However, their total net buys remained modest at just 51 billion VND (2.4 million USD) worth of shares in the two exchanges.-VNA