Both markets went into correction mode on July 15 after blue chip stocks lost their shine after recent thriving days.
On the HCM Stock Exchange, the VN-Index lost nearly 8 points, 1.22 percent, to close the session at 630.89 points. The VN30, which tracks the top 30 shares by market value and liquidity, also dropped over 1 percent to end at 651.45 points.
Banks, insurers and securities stocks, 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 shares maintained growth. Masan Group (MSN) managed to climb almost 5 percent and Phu My Fertiliser added 2.5 percent.
According to analysts at KIS Vietnam Securities Co, profit-taking sales rose substantially, especially in blue chip stocks as the VN-Index approached the resistance benchmark of 640 points.
"In our opinion, profit taking activity will remain strong in the back since many large caps surged into overbought territory and lost their attractive values," analysts wrote in a note.
Saigon - Hanoi Securities Co's analysts also said the past rallies concentrated too much on some leading stocks, which got foreign support, while most other stocks seemed to sit outside of the trend.
"Heavy dependence on certain stocks means more risk of a downward correction when profit taking happens in these stocks at the same time," they said.
Both market volume and value declined slightly on July 15, totaling almost 142 million shares worth 2.76 trillion VND (126.6 million USD). Vietinbank (CTG) was the leading stock with nearly 8 million shares traded, falling 3.1 percent to close at 22,000 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 July 15. The market condition was negative with just 72 stocks rising, 105 falling and 177 going flat.
Eighteen of the top 20 stocks in terms of volume tumbled, of which FIT Investment Co (FIT) was the most active with 8.8 million shares traded, but slid 3.3 percent to settle at 11,700 VND a share.
Liquidity also dropped 12 percent in volume and liquidity compared to July 14, tallying only 63 million shares traded worth 779 billion VND (35.7 million USD) by the end of the session.
Foreign investors remained net buyers in the two markets but declined substantially to just over 19 billion VND (872,000 USD) worth of shares.-VNA
On the HCM Stock Exchange, the VN-Index lost nearly 8 points, 1.22 percent, to close the session at 630.89 points. The VN30, which tracks the top 30 shares by market value and liquidity, also dropped over 1 percent to end at 651.45 points.
Banks, insurers and securities stocks, 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 shares maintained growth. Masan Group (MSN) managed to climb almost 5 percent and Phu My Fertiliser added 2.5 percent.
According to analysts at KIS Vietnam Securities Co, profit-taking sales rose substantially, especially in blue chip stocks as the VN-Index approached the resistance benchmark of 640 points.
"In our opinion, profit taking activity will remain strong in the back since many large caps surged into overbought territory and lost their attractive values," analysts wrote in a note.
Saigon - Hanoi Securities Co's analysts also said the past rallies concentrated too much on some leading stocks, which got foreign support, while most other stocks seemed to sit outside of the trend.
"Heavy dependence on certain stocks means more risk of a downward correction when profit taking happens in these stocks at the same time," they said.
Both market volume and value declined slightly on July 15, totaling almost 142 million shares worth 2.76 trillion VND (126.6 million USD). Vietinbank (CTG) was the leading stock with nearly 8 million shares traded, falling 3.1 percent to close at 22,000 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 July 15. The market condition was negative with just 72 stocks rising, 105 falling and 177 going flat.
Eighteen of the top 20 stocks in terms of volume tumbled, of which FIT Investment Co (FIT) was the most active with 8.8 million shares traded, but slid 3.3 percent to settle at 11,700 VND a share.
Liquidity also dropped 12 percent in volume and liquidity compared to July 14, tallying only 63 million shares traded worth 779 billion VND (35.7 million USD) by the end of the session.
Foreign investors remained net buyers in the two markets but declined substantially to just over 19 billion VND (872,000 USD) worth of shares.-VNA
