Shares continued to decline on February 5 on both stock exchanges asmany investors unloaded shares to reduce borrowing costs ahead of thelong Tet (Lunar New Year) holiday.
According to analysts,selling pressure will likely increase toward the end of the week becauseinvestors who retain their shares through the holiday will have to payborrowing fees for the nine-day vacation.
And since the markethas advanced significantly since the beginning of this year, manyinvestors decided to lock in profits on fears that bad signs mightappear during next week’s holiday, analysts of FPT Securities Co wrotein a note.
Thee benchmark VN-Index on the HCM Stock Exchange fell more than 1 percent to close the day’s session at 477.36 point.
Trading was good, however, with 63.4 million shares worth almost 1.35trillion VND (64.6 million USD) changing hands, up 10 percent in volumeand 50 percent in value compared to the previous day’s figures.
Blue chips led the market downturn: only six of the top 30 shares onthe bourse climbed while 19 declined and five closed flat. The VN30 wasdown 0.93 percent to stand at 556.83 points.
Index heavyweightshares such as insurer Bao Viet Holdings (BVH), dairy giant Vinamilk(VNM), food processor Masan Group ( MSN ), Eximbank (EIB) and propertydeveloper Hoang Anh Gia Lai Co (HAG) all lost value.
Tan TaoInvestment-Industry Corporation (ITA) was the most active stock with 5.7million shares traded, falling 3.23 percent to end at 9,000 VND afterrising to 9,600 VND in the morning.
On the Hanoi StockExchange, the HNX-Index was off 0.25 percent at 62.77 points on a totalvalue of 353.7 billion VND (16.9 million USD).
Sai Gon - Hanoibank (SHB) continued to be the most active code on total trades of 7.9million shares, closing unchanged at 7,200 VND a share.
Foreigninvestors returned to be net buyers on both markets but their net buysdecreased significantly to a total of about 777 million VND (37,200USD).-VNA
According to analysts,selling pressure will likely increase toward the end of the week becauseinvestors who retain their shares through the holiday will have to payborrowing fees for the nine-day vacation.
And since the markethas advanced significantly since the beginning of this year, manyinvestors decided to lock in profits on fears that bad signs mightappear during next week’s holiday, analysts of FPT Securities Co wrotein a note.
Thee benchmark VN-Index on the HCM Stock Exchange fell more than 1 percent to close the day’s session at 477.36 point.
Trading was good, however, with 63.4 million shares worth almost 1.35trillion VND (64.6 million USD) changing hands, up 10 percent in volumeand 50 percent in value compared to the previous day’s figures.
Blue chips led the market downturn: only six of the top 30 shares onthe bourse climbed while 19 declined and five closed flat. The VN30 wasdown 0.93 percent to stand at 556.83 points.
Index heavyweightshares such as insurer Bao Viet Holdings (BVH), dairy giant Vinamilk(VNM), food processor Masan Group ( MSN ), Eximbank (EIB) and propertydeveloper Hoang Anh Gia Lai Co (HAG) all lost value.
Tan TaoInvestment-Industry Corporation (ITA) was the most active stock with 5.7million shares traded, falling 3.23 percent to end at 9,000 VND afterrising to 9,600 VND in the morning.
On the Hanoi StockExchange, the HNX-Index was off 0.25 percent at 62.77 points on a totalvalue of 353.7 billion VND (16.9 million USD).
Sai Gon - Hanoibank (SHB) continued to be the most active code on total trades of 7.9million shares, closing unchanged at 7,200 VND a share.
Foreigninvestors returned to be net buyers on both markets but their net buysdecreased significantly to a total of about 777 million VND (37,200USD).-VNA
