Investors register trade at ACB Securities trading floor. (Source: VNA)
Hanoi (VNA) - Shares sank for a third day on the two national stock exchanges on Novemeber 28 as foreign investors continued to offload local shares, raising concerns about a capital flight from the market.

The benchmark VN-Index, the measure of 317 stocks on the HCM Stock Exchange, decreased 1.6 percent to close at 665.3 points. It lost a cumulative 2.7 percent in the last three sessions.

On the Hanoi Stock Exchange, the HNX-Index tracking 374 stocks dipped 1.1 percent to 80.1 points. The Index lost 1.6 percent in the last three trades.

Market breadth was negative with 294 of total 691 stocks down and only 123 advancing.

Large-cap stocks were the main drag as the top 10 lost value. Of the top 30 largest shares by market capitalisation and liquidity, only two advanced while 25 declined.

The biggest listed stock Vinamilk (VNM) was down 4 percent to end at 129,200 VND (5.74 USD), pulled down by heavy foreign sells. Vinamilk topped the foreigners’ most-sold list with a net value of nearly 230 billion VND, lifting the seven-day net sell value to 893.5 billion VND.

Unexpected selling of Vinamilk by foreign investors affected domestic investor psychology and rattled the market, analysts at the brokerage department of Vietstock Finance wrote in a daily report.

Foreign traders extended their sells on the HCM Stock Exchange to eight days in a row with a total value of over VNĐ1.4 trillion. They focused on offloading large-cap shares such as Vinamilk, VinGroup (VIC), Masan Group (MSN), Bao Viet Holdings (BVH), Hoa Phat Group (HPG) and Saigon Securities Inc (SSI).

Masan Group plunged 5.9 percent and Bao Viet Holdings declined 4 percent.

The foreign sector was also a net seller in the Hanoi market for a value of 16.4 billion VND and a combined net sell of 10 billion VND last week.

“Short-term risks can return if there is no support factors perking up demand this week,” analysts at FPT Securities Co wrote in a note.

Liquidity increased with over 171 million shares worth a combined 3.3 trillion VND (146.7 million USD) traded in the two markets, up 12.3 percent in volume and 22.2 percent in value compared to the daily average of last week.-VNA