Shares lost gains at the end of June 2 session, pulled down by selling pressure in the afternoon.
Onthe HCM Stock Exchange, the VN-Index slid from a three-month high toend the June 2 session at 570.31 points, off 0.81 percent from previousday's close.
Blue chips were the main losers, with the VN30 falling 0.84 percent to conclude at 588.63 points.
Bankstocks also retreated after many days of substantial gains exceptVietcombank (VCB), that posted modest growth of 0.4 percent. Other biglenders including Eximbank (EIB), Vietinbank (CTG) and Sacombank (STB)dived around 3 percent, while Military Bank (MBB) and BIDV (BID) lost 2percent and 1.4 percent, respectively.
"The market was largelybacked by bank stocks on June 1. If you leave out this impact, themarket is clearly undergoing a downward correction," analysts atSaigon-Hanoi Securities Co. wrote in a note.
These analysts saidmany sales orders were put below their reference prices, while intra-daytrading of blue chips was less positive under high profit-takingpressure.
The market finished negative as losers outnumbered gainers by 147-67, while 89 closed flat.
Themarket volume was little higher than June 1, totaling nearly 124million shares, while the value of trades increased 10 percent to reachmore than 1.9 trillion VND (87.6 million USD).
Property developerFLC Group (FLC) continued to dominate trading in the HCM City market,with 15.4 million shares exchanged and a gain of 1.1 percent to finishthe session at 9,100 VND. This figure far surpassed the second mostactive stock Saigon Securities Inc (SSI) at nearly 9 million shares.
Onthe Hanoi Stock Exchange, the HNX-Index also slipped 0.88 percent underprofit taking pressure, finishing the session at 83.15 points.
The HNX30 also sank 0.65 percent to end at 158.02 points.
Speculationstill buoyed trades as the market volume climbed 20 percent over June 1to reach nearly 54 million shares, while the trading value rose 25percent to 641 billion VND (29.5 million USD).
F.I.T InvestmentCo (FIT) was the most active code on June 2, with trades of 6.8 millionshares. Its prices also jumped 3.5 percent to settle at 14,700 VND (0.68USD).
Foreign investors extended their net buying streak on June2, picking up shares worth a combined 158 billion VND (7.3 million USD)in the two markets.-VNA