Stocks plunged on both stock exchanges on July 11, with half of all codes posting losses while market volumes and values remained modest.

On the HCM Stock Exchange, the VN-Index retreated by 1.2 percent to close at 425.09 points. The value of the day's trades totalled just 352 billion VND (17 million USD) on a volume of 21 million shares.

Losers outnumbered gainers by 130-77, with numerous blue chips declining. Property developer Hoang Anh Gia Lai (HAG) and financial conglomerate Masan Group (MSN) dropped by about 5 percent, while PetroVietnam Finance (PVF) lost 3.5 percent. Vinamilk (VNM) slumped by 0.9 percent and real estate developer Vincom (VIC) closed down 0.7 percent.

Binh Dinh Minerals Co (BMC) was among a few gainers, rising to the daily limit of 5 percent for the second day after it posted a second-quarter profit of nearly 34 billion VND (1.6 million USD), exceeding its yearly target by 21 percent.

Despite rumours surrounding changes in the management board of Sacombank (STB), STB was still the most-active share on the HCM City bourse with 2.36 million shares changing hands. It was also heavily sold by foreign investors on July 11, with over 769,000 shares unloaded, worth a combined 10 billion VND (504,800 USD). STB still managed to close at 13,600 VND (0.66 USD), a gain of 2.3 percent.

On the Hanoi Stock Exchange, the HNX-Index lost 1.24 percent yesterday to close at 71.94, with decliners outnumbering advancers by 179-68. Trading was sluggish, with the value of trades reaching a mere 187 billion VND (9 million USD) on a volume of only 17.4 million shares.

Kim Long Securities (KLS), the most-active share with 2.3 million traded declined by 2.8 percent to close at 10,400 VND (0.50 USD).

Foreign investors concluded July 11 as net buyers on both exchanges, picking up nearly 3 billion VND (145,600 USD) worth of shares. Software producer FPT was heavily favoured by this segment, which traded in 4.5 billion VND (218,000 USD) worth of FPT shares./.