Rising pessimism drove shares down on both the stock exchanges on April16, with local investors rushing to sell off shares amid fears offurther decline, as bargain prices attracted foreign buyers.
On the Hochiminh Stock Exchange, the VN-Index fell over 2 percent to close at 574.29 points on April 16.
As27 of the top 30 shares by market capitalisation and liquidity lostvalue, blue chips again dragged down the market. The VN30 index slid 2percent to close at 634.76 points.
In addition, selling pressureon hot stocks increased substantially in the past long rally, includingFLG Group (FLC), Tan Tao Investment Industry Corp (ITA), Dream HouseInvestment Corp (DRH), and Becamex Infrastructure Investment Company(IJC). The value of most of these shares reached their floor prices.
ITAwas also the most active stock on the southern bourse as14.2 million ofits shares were traded at 9,000 VND per share, down 4.3 percent fromthe previous session.
The total market volume grew 12 percent ascompared to April 15, totalling 149.2 million shares and fundcertificates, worth nearly 2.48 trillion VND (117.5 million USD).
Accordingto analysts from Vietnam Investment Securities Co, though the market isin a correction phase, but large sell orders noted in the recentsessions, even in blue chips, have raised concerns among many investors.
"However, falling prices of many stable shares, which have goodfundamentals, could lure investors and help alleviate the downtrendpressure on the market," according to a research note by the analysts.
"Inour opinion, selling pressure will be high on hot stocks rather thanblue chips, and investors are recommended to restructure theirportfolios," they emphasised.
On the Hanoi Stock Exchange, over50 percent of the codes closed in the red, and the HNX-Index declinedanother 2.04 percent to end at 82.62 points.
The HNX30 also dropped 3.63 percent to close at 167.35 points.
The total market value differed slightly from April 15, with 95 million shares worth over 1 trillion VND (47.4 million USD).
PetroVietnamConstruction (PVX) was the most traded stock due to strong sellingpressure, as its 13.4 million shares changed hands at 5,400 VND pershare, down 8.5 percent from the previous session.-VNA
On the Hochiminh Stock Exchange, the VN-Index fell over 2 percent to close at 574.29 points on April 16.
As27 of the top 30 shares by market capitalisation and liquidity lostvalue, blue chips again dragged down the market. The VN30 index slid 2percent to close at 634.76 points.
In addition, selling pressureon hot stocks increased substantially in the past long rally, includingFLG Group (FLC), Tan Tao Investment Industry Corp (ITA), Dream HouseInvestment Corp (DRH), and Becamex Infrastructure Investment Company(IJC). The value of most of these shares reached their floor prices.
ITAwas also the most active stock on the southern bourse as14.2 million ofits shares were traded at 9,000 VND per share, down 4.3 percent fromthe previous session.
The total market volume grew 12 percent ascompared to April 15, totalling 149.2 million shares and fundcertificates, worth nearly 2.48 trillion VND (117.5 million USD).
Accordingto analysts from Vietnam Investment Securities Co, though the market isin a correction phase, but large sell orders noted in the recentsessions, even in blue chips, have raised concerns among many investors.
"However, falling prices of many stable shares, which have goodfundamentals, could lure investors and help alleviate the downtrendpressure on the market," according to a research note by the analysts.
"Inour opinion, selling pressure will be high on hot stocks rather thanblue chips, and investors are recommended to restructure theirportfolios," they emphasised.
On the Hanoi Stock Exchange, over50 percent of the codes closed in the red, and the HNX-Index declinedanother 2.04 percent to end at 82.62 points.
The HNX30 also dropped 3.63 percent to close at 167.35 points.
The total market value differed slightly from April 15, with 95 million shares worth over 1 trillion VND (47.4 million USD).
PetroVietnamConstruction (PVX) was the most traded stock due to strong sellingpressure, as its 13.4 million shares changed hands at 5,400 VND pershare, down 8.5 percent from the previous session.-VNA
