Unstable attitudes to securities investment continued dragging the VN-Index down 0.13 percent for the fifth consecutive day, closing at 518.93 points on May 13.
Value of day trade remained high at 2.17 trillion VND (114.2 million USD) with 59.5 million shares changed hands, with Sacombank (STB) withstanding Sai Gon Securities Inc (SSI) to be the most active stock, responsible for nearly 3 million shares traded.
On the smaller Hanoi bourse, the HNX-Index slowed its fall by dropping only 0.9 percent to end the day trade at 173.16 points, with 41.4 million shares subjected to trade to value at 1.42 trillion VND (74.7 million USD).
PetroVietnam Construction (PVX) saw the biggest trading volume of 6.3 million shares.
Fiachra Mac Cana, Head of Research at HCM City Securities, said in the Wednesday market report that the sell-off was fuelled mainly by technical selling linked to leveraged products mostly in penny stocks.
Cana explained that some institutions had offered some leveraged products in penny stocks recently and when profit-taking accelerated, it rapidly turned a correction into a more dramatic fall.
Foreign investors had a busy day on the stock exchanges catching the right time to hold cheap stocks. This sector became net buyers in both markets by picking up a combined 1.3 million shares, equivalent to a net value of 70 billion VND (3.7 million USD)./.
Value of day trade remained high at 2.17 trillion VND (114.2 million USD) with 59.5 million shares changed hands, with Sacombank (STB) withstanding Sai Gon Securities Inc (SSI) to be the most active stock, responsible for nearly 3 million shares traded.
On the smaller Hanoi bourse, the HNX-Index slowed its fall by dropping only 0.9 percent to end the day trade at 173.16 points, with 41.4 million shares subjected to trade to value at 1.42 trillion VND (74.7 million USD).
PetroVietnam Construction (PVX) saw the biggest trading volume of 6.3 million shares.
Fiachra Mac Cana, Head of Research at HCM City Securities, said in the Wednesday market report that the sell-off was fuelled mainly by technical selling linked to leveraged products mostly in penny stocks.
Cana explained that some institutions had offered some leveraged products in penny stocks recently and when profit-taking accelerated, it rapidly turned a correction into a more dramatic fall.
Foreign investors had a busy day on the stock exchanges catching the right time to hold cheap stocks. This sector became net buyers in both markets by picking up a combined 1.3 million shares, equivalent to a net value of 70 billion VND (3.7 million USD)./.
