Shares fell further on both stock exchanges on May 12, while foreign investors showed their confidence in the market outlook.

On the Ho Chi Minh Stock Exchange, the VN-Index widened last week's loss with a decrease of 4.68 percent to close May 12 session at the four-month low of 517.05 points.

Blue chips were the main drag on the market as 29 of the top 30 shares by market value and liquidity lost value. The VN30 declined 4.19 percent to stand at 563.30 points.

Masan Group (MSN) was the only large cap bucking the trend with a rise of 1.1 percent to 91,000 VND (4.31 USD) a share. Others, including Hoang Anh Gia Lai Group (HAG), Ocean Group (OGC), Saigon Securities Inc (SSI) and Military Bank (MBB) were bought strongly at low prices.

Real estate developer FLC Group (FLC) continued to be the most active stock, with over 8.6 million shares exchanged at 8,000 VND per share, down seven percent from close on May 9.

HAG came second with trades of 6.8 million shares but the share price dived 6.6 percent to end at 21,100 VND (1 USD).

The total market volume slipped 15 percent from May 9 to 99.3 million shares worth 1.67 trillion VND (79.2 million USD).

On the Hanoi Stock Exchange, the HNX-Index lost 4.72 percent to close at 70.69 points while the HNX30 also sank 6.9 percent to 134.73 points.

Trading was sluggish with both market volume and value down 10 percent, totaling 57 million shares worth 505 billion VND (23.9 million USD).

Foreign investors continued to collect local shares. They were net buyers on both exchanges on May 12, picking up shares worth a combined 244.8 billion VND (11.6 million USD).-VNA