Both markets went into correction mode on July 15 after blue chip stocks lost their shine after recent thriving days.
Onthe HCM Stock Exchange, the VN-Index lost nearly 8 points, 1.22percent, to close the session at 630.89 points. The VN30, which tracksthe top 30 shares by market value and liquidity, also dropped over 1percent to end at 651.45 points.
Banks, insurers and securitiesstocks, which were behind the positive momentum in previous rallies,tumbled on July 15. Led by Bao Viet Holdings (BVH), down over 6 percent,financial stocks like Vietcombank (VCB), Vietinbank (CTG), Eximbank(EIB), Military Bank (MBB), BIDV (BID) and Saigon Securities Inc (SSI)followed, falling between 1-3 percent.
Few large-cap sharesmaintained growth. Masan Group (MSN) managed to climb almost 5 percentand Phu My Fertiliser added 2.5 percent.
According to analysts atKIS Vietnam Securities Co, profit-taking sales rose substantially,especially in blue chip stocks as the VN-Index approached the resistancebenchmark of 640 points.
"In our opinion, profit taking activitywill remain strong in the back since many large caps surged intooverbought territory and lost their attractive values," analysts wrotein a note.
Saigon - Hanoi Securities Co's analysts also said thepast rallies concentrated too much on some leading stocks, which gotforeign support, while most other stocks seemed to sit outside of thetrend.
"Heavy dependence on certain stocks means more risk of adownward correction when profit taking happens in these stocks at thesame time," they said.
Both market volume and value declinedslightly on July 15, totaling almost 142 million shares worth 2.76trillion VND (126.6 million USD). Vietinbank (CTG) was the leading stockwith nearly 8 million shares traded, falling 3.1 percent to close at22,000 VND (about 1 USD) a share.
On the Hanoi Stock Exchange,the HNX-Index also lost 1.22 percent to finish at 87.66 points on July15. The market condition was negative with just 72 stocks rising, 105falling and 177 going flat.
Eighteen of the top 20 stocks interms of volume tumbled, of which FIT Investment Co (FIT) was the mostactive with 8.8 million shares traded, but slid 3.3 percent to settle at11,700 VND a share.
Liquidity also dropped 12 percent in volumeand liquidity compared to July 14, tallying only 63 million sharestraded worth 779 billion VND (35.7 million USD) by the end of thesession.
Foreign investors remained net buyers in the two marketsbut declined substantially to just over 19 billion VND (872,000 USD)worth of shares.-VNA
Onthe HCM Stock Exchange, the VN-Index lost nearly 8 points, 1.22percent, to close the session at 630.89 points. The VN30, which tracksthe top 30 shares by market value and liquidity, also dropped over 1percent to end at 651.45 points.
Banks, insurers and securitiesstocks, which were behind the positive momentum in previous rallies,tumbled on July 15. Led by Bao Viet Holdings (BVH), down over 6 percent,financial stocks like Vietcombank (VCB), Vietinbank (CTG), Eximbank(EIB), Military Bank (MBB), BIDV (BID) and Saigon Securities Inc (SSI)followed, falling between 1-3 percent.
Few large-cap sharesmaintained growth. Masan Group (MSN) managed to climb almost 5 percentand Phu My Fertiliser added 2.5 percent.
According to analysts atKIS Vietnam Securities Co, profit-taking sales rose substantially,especially in blue chip stocks as the VN-Index approached the resistancebenchmark of 640 points.
"In our opinion, profit taking activitywill remain strong in the back since many large caps surged intooverbought territory and lost their attractive values," analysts wrotein a note.
Saigon - Hanoi Securities Co's analysts also said thepast rallies concentrated too much on some leading stocks, which gotforeign support, while most other stocks seemed to sit outside of thetrend.
"Heavy dependence on certain stocks means more risk of adownward correction when profit taking happens in these stocks at thesame time," they said.
Both market volume and value declinedslightly on July 15, totaling almost 142 million shares worth 2.76trillion VND (126.6 million USD). Vietinbank (CTG) was the leading stockwith nearly 8 million shares traded, falling 3.1 percent to close at22,000 VND (about 1 USD) a share.
On the Hanoi Stock Exchange,the HNX-Index also lost 1.22 percent to finish at 87.66 points on July15. The market condition was negative with just 72 stocks rising, 105falling and 177 going flat.
Eighteen of the top 20 stocks interms of volume tumbled, of which FIT Investment Co (FIT) was the mostactive with 8.8 million shares traded, but slid 3.3 percent to settle at11,700 VND a share.
Liquidity also dropped 12 percent in volumeand liquidity compared to July 14, tallying only 63 million sharestraded worth 779 billion VND (35.7 million USD) by the end of thesession.
Foreign investors remained net buyers in the two marketsbut declined substantially to just over 19 billion VND (872,000 USD)worth of shares.-VNA
