Business

Markets adjust at slower pace

The markets continued their correction phase on July 16 but on a slower pace thanks to recovery of several blue chips.
The markets continued their correction phase on July 16 but on a slower pace thanks to recovery of several blue chips.

TheVN-Index on the HCM Stock Exchange edged down 0.63 percent to close thesession at 626.90 points as the decliners outnumbered the advancers by106 to 89 while other 110 codes went flat.

Most of bank stocks extended losses, but some other large-cap shares rallied, which cushioned the fall.

Membersof the top 30 shares by market value and liquidity like steel market'sHoa Phat Group regained 3.5 percent while insurer Bao Viet Holdings(BVH) increased 1.6 percent and Saigon Securities Inc (SSI) rose 0.4percent.

However, many others still slumped including Masan Group(MSN), VinGroup (VIC) and Vinamilk (VNM), pulling the VN30 down 0.37percent to 649.06 points.

"The market is struggling to testinvestors' expectations as well as demand power while the VN-Index isapproaching the five-year peak after a long rally," analysts atSaigon-Hanoi Securities Co wrote in a note.

They saidprofit-taking pressure in leading stocks which have seen hot rises inthe past rallies was spreading to a large scale leading to decline inliquidity on growing investor caution.

Liquidity in the HCMCity's market continued to drop slightly on July 16, totalling nearly133 million shares worth 2.44 trillion VND (112 million USD).

HCMCity Infrastructure Investment (CII) was the leading stock in terms ofvolume with 17.1 million shares changing hands, climbing over 5 percentto close at 27,200 VND (1.25 USD) a share.

On the Hanoi StockExchange, the HNX-Index inched down just 0.08 percent to end at 87.59points but both market volume and value declined 10 percent from theprevious session, reaching just almost 57 million shares worth 731billion VND (33.5 million USD).

Saigon Thuong Tin Real Estate Co(SCR) was the most active here with 6.5 million shares while its pricealso jumped 3.5 percent to settle at 9,000 VND a share.

Foreigntrading was mixed on July 16. Foreigners unexpectedly sold a net valueof 143.3 billion VND (6.6 million USD) in the HCM City's market butremained net buyers on the Hanoi bourse, picking up a modest value of19.4 billion VND (890,000 USD) worth of shares.-VNA
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