Accelerated sales on the HCM Stock Exchange depressed the VN-Index onOct. 27 to a close of 450.01 points – a decline of 1.12 percent.
Tran Thanh Binh, head of the brokerage department at an HCM City-basedsecurities firm, said that on Oct. 27's correction was due toprofit-taking on penny stocks, some of
which had seen gains averaging about 10 percent over the last few days of trading.
The profit-taking began increasing at mid-session, causing 188 of 271listed stocks to decline, including Khanh Hoa Power (KHP), which plungedby 6.14 percent, and Dong
Nai Painting (DSN) and Hoang Quan Real Estate Consulting Trading and Services (HQC), each down 5 percent.
A firm infusion of capital from foreign investors was still focusingon blue chips, Binh said, with foreign investors picking up 3.2 millionshares on the HCM City market.
However, onlyVietcombank (VCB), software giant FPT, and PetroVietnam Finance (PVF),among major shares, saw advances on the day.
Thevolume of trades fell 19.1 percent from Oct. 26's session to just 27.5million shares, worth a combined 710.1 billion VND (36.4 million USD).
On the Hanoi Stock Exchange, the HNX-Index on Oct. 27 plunged by 2.07percent to close at 112.53 points. The value of trades on the northernbourse fell back to just
488 billion VND (25 million USD), on a meagre volume of only 24.2 million shares.
With decliners outnumbering advancers by 216-76, many shares which hadhit ceiling prices in the previous two sessions dropped sharply,including Vimeco (VMC), down about 7 percent; Dien Hong Printing(DHI) and Song Da Yali Cement (SDY), each down around 6.9 percent; andVincom Securities Co (VIX), down 6.8 percent.
Hoa BinhSecurities Co deputy director Nguyen Huy Duong said that a rally basedon penny stocks, such as markets had seen over the last couple of days,would be
hard-pressed to create a stable uptrend.
Meanwhile, economic factors like inflation and interest rates weredoing little to encourage trading and break the markets out of theirdoldrums, Duong said./.
Tran Thanh Binh, head of the brokerage department at an HCM City-basedsecurities firm, said that on Oct. 27's correction was due toprofit-taking on penny stocks, some of
which had seen gains averaging about 10 percent over the last few days of trading.
The profit-taking began increasing at mid-session, causing 188 of 271listed stocks to decline, including Khanh Hoa Power (KHP), which plungedby 6.14 percent, and Dong
Nai Painting (DSN) and Hoang Quan Real Estate Consulting Trading and Services (HQC), each down 5 percent.
A firm infusion of capital from foreign investors was still focusingon blue chips, Binh said, with foreign investors picking up 3.2 millionshares on the HCM City market.
However, onlyVietcombank (VCB), software giant FPT, and PetroVietnam Finance (PVF),among major shares, saw advances on the day.
Thevolume of trades fell 19.1 percent from Oct. 26's session to just 27.5million shares, worth a combined 710.1 billion VND (36.4 million USD).
On the Hanoi Stock Exchange, the HNX-Index on Oct. 27 plunged by 2.07percent to close at 112.53 points. The value of trades on the northernbourse fell back to just
488 billion VND (25 million USD), on a meagre volume of only 24.2 million shares.
With decliners outnumbering advancers by 216-76, many shares which hadhit ceiling prices in the previous two sessions dropped sharply,including Vimeco (VMC), down about 7 percent; Dien Hong Printing(DHI) and Song Da Yali Cement (SDY), each down around 6.9 percent; andVincom Securities Co (VIX), down 6.8 percent.
Hoa BinhSecurities Co deputy director Nguyen Huy Duong said that a rally basedon penny stocks, such as markets had seen over the last couple of days,would be
hard-pressed to create a stable uptrend.
Meanwhile, economic factors like inflation and interest rates weredoing little to encourage trading and break the markets out of theirdoldrums, Duong said./.
