Shares retreated on January 31, ending a six day rally.

On the Ho Chi Minh Stock Exchange, the VN-Index dropped 1.6 percent to 479.79 point.

Most shares closed unchanged, while 80 stocks gained in value and the remaining 70 tumbled.

Blue chips sold heavily, with over 83 percent of the 30 leading shares declining, Gemader Logistics (GMD) and commercial baker King Do (KDC) were the only two to rise.

The VN30, tracking these shares, shed 1.53 percent to 564.01 points.

Five stocks that had the most significant impact on the VN-Index including PetroVietnam Gas (GAS), food processor Masan (MSN), insurer Bao Viet Holdings (BVH), Vinamilk (VNM) and Vietcombank (VCB), fell by between 0.9 and 2.8 percent.

Meanwhile, penny shares were on top, especially minerals.

The overall trading volume reached 80.5 million shares on a turnover of 1.14 trillion VND (54.2 million USD).

According to VietCapital Securities Co director Robert Zielinski, the correction in the recent rally was predictable as the VN-Index tested the resistance of 490 points, while the level for the HNX-Index on the Hanoi Stock Exchange was 64.

“No more point gains but an uptrend look steady,” he said.

The HNX-Index also slid nearly 1.2 percent, fetching 62.62 points.

Losers overwhelmed gainers by 128-83.

Trading was relatively sluggish, with a market value of only 529.5 billion VND (25.2 million USD) and trading volume of 67.24 million shares.

The HNX30-Index, composed of the northern bourse’s 30 largest stocks in terms of capitalisation and liquidity, dropped almost 2 percent to close at 121.62 points.

Foreign investors remained as net buyers, but value dropped. Their net buys totalled 174 billion VND (8.2 million USD) on both stock exchanges.-VNA