Shares on both stock exchanges continued to slide on May 7 afternoon but strong speculation kept market values positive.

On the Ho Chi Minh Exchange, the VN-Index finished May 7’s session at 485.58 points, down 0.56 percent from the previous day’s close.

Slumps of heavyweight shares such as Vietinbank (CTG), software giant FPT Corp (FPT), PetroVietnam Gas (GAS), property developer Hoang Anh Gia Lai (HAG), steelmaker Hoa Phat Group (HPG) and dairy producer Vinamilk (VNM) weighed the market down.

The VN30, tracking the top 30 shares by market capitalisation and liquidity, was down 0.44 per cent to 549.57 points.

The market value was slightly lower than May 6’s level but still high, totalling nearly 913 billion VND (43.5 million USD). Trading focused on speculative stocks such as Tan Tao Investment Industry (ITA), Hoang Quan Consulting-Trading-Serving Real Estate (HQC), Pha Lai Thermal Power (PPC) and Refrigeration Electrical Engineering (REE).

Both ITA and HQC saw more than 6 million shares traded each, becoming the most active codes on May 7, while PPC and REE each also had over 3 million shares exchanged. All of them increased from 1.5-5.5 percent.

On the Hanoi Exchange, the HNX-Index declined 0.33 percent to close at 60.54 points on the total trading value of 345.5 billion VND (16.5 million USD).

Speculation was rampant here as well. The three most active codes were Saigon-Hanoi Bank (SHB), 9.2 million shares traded; PetroVietnam Construction (PVX), 8.2 million shares traded; and property developer Sacomreal (SCR), 6.7 million shares exchanged.

Foreign investors again concluded the day as net buyers on both exchanges, responsible for a combined net buy of 67.4 billion VND (3.2 million USD) worth of shares.-VNA