Steel shares hold market in check hinh anh 1Hanoi Stock Exchange staff check auction results (Photo: VNA)

Hanoi (VNA) - Shares managed a slight rise on the HCM Stock Exchange but declined on the Hanoi market under increased selling pressure from profit-taking traders.

The VN-Index, a measure of 312 stocks on the HCM City’s bourse, inched up 0.2 percent to close the October 4 session at 684.2 points. The benchmark index was down 0.8 percent in the last two trades.

On the Hanoi Stock Exchange, the HNX-Index which tracks 378 stocks maintained a solid rally until the mid-afternoon session as investors increased selling to take profits. It closed down 0.3 percent at 85.1 points. The index rose 0.4 percent on the previous day.

Slumps of steel shares weighed on the market as most of these companies lost value on October 4.

Three biggest listed steel making companies including Hoa Phat Group (HPG), Hoa Sen Group (HPG) and Pomina Steel Corp (POM) decreased between 1 percent and 3 percent. Smaller companies such as Nam Kim Steel (NKG) and Dai Thien Loc Corp (DTL) were down 4 percent and 0.8 percent, respectively.

According to analysts, investor sentiment seemed to be affected by the information that the US steelmakers have requested the Department of Commerce to check whether China is evading tax by processing some products in Vietnam.

Besides steel shares, many heavyweight stocks such as Sacombank (STB), Military Bank (MBB), Masan Group (MSN) and Mobile World Group (MWG) also tumbled, keeping the market in check.

Only a few large-cap stocks rose slightly, including lender BIDV (BID), insurer Bao Viet Holdings (BVH) and real estate developer VinGroup (VIC), which cushioned the market.

Overall market condition was negative as the number of losing shares outnumbered that of gainers by 299-154. Another 237 stocks closed unchanged.

Liquidity continued to improve with a total of 166.4 million shares worth 3.6 trillion VND (161.4 million USD) traded in the two markets by the end of the afternoon trade, up 37.5 percent in volume and 33.3 percent in value over the October 4 session’s figures.

Foreign investors continued their net sells on the two exchanges yesterday, offloading shares worth total net sell value of 84 billion VND, down 45 percent from the previous session’s level.-VNA