Stocks sink on sell-offs by foreign investors
Foreign investors remained net sellers on the Vietnamese stock market on October 16, pulling down both exchanges.
Foreign investors remained net sellers on the Vietnamese stock market on October 16, pulling down both exchanges.
Foreigners were responsible for net sales of nearly 252 billion VND (11.9 million USD) on the Ho Chi Minh Stock Exchange, an increase of 73 percent compared with October 15.
They were also net sellers on the Hanoi Stock Exchange, with a value of almost 8 billion VND (379,000 USD), down 6 percent from the previous day.
Consecutive net sales by foreign sector since the beginning of this week have made local investors pessimistic about the market outlook, causing them to follow suit fearing deeper declines.
Liquidity on HCM City's bourse climbed 40 percent in volume and value on October 16, reaching nearly 170 million shares worth 3.17 trillion VND (150.2 million USD).
Heavy sell-offs also pushed the VN-Index down a further 2.83 percent to close October 16 session at 587.17 points, while the VN30, which tracks the top 30 shares by market value and liquidity, sank 2.79 percent to end at 623.76 points.
Realty stocks that had been driving the market also decreased on October 16.
FLC Group (FLC), the most active code with over 16 million shares traded, dropped 6.25 percent to close at 10,500 VND per share. Others like Tan Tao Investment Industry (ITA), Kinh Bac City Development (KBC), Hoang Anh Gia Lai Co (HAG) and Hoang Quan Real Estate (HQC) also slumped between 2 and 6 percent.
On the Hanoi Stock Exchange, the HNX-Index slid 2.64 percent to finish the session at 87.20 points. The number of decliners was four times higher than advancers.
Market volume increased 35 percent from the previous session, totaling 85.7 million shares, while the trading value rose 30 percent to reach 1.164 trillion VND (55.2 million USD).
PetroVietnam Construction Corporation (PVX) continued to lead the market in terms of volume with 14 million shares exchanged, but the price dived 7.81 percent to settle at 5,900 VND.-VNA
Foreigners were responsible for net sales of nearly 252 billion VND (11.9 million USD) on the Ho Chi Minh Stock Exchange, an increase of 73 percent compared with October 15.
They were also net sellers on the Hanoi Stock Exchange, with a value of almost 8 billion VND (379,000 USD), down 6 percent from the previous day.
Consecutive net sales by foreign sector since the beginning of this week have made local investors pessimistic about the market outlook, causing them to follow suit fearing deeper declines.
Liquidity on HCM City's bourse climbed 40 percent in volume and value on October 16, reaching nearly 170 million shares worth 3.17 trillion VND (150.2 million USD).
Heavy sell-offs also pushed the VN-Index down a further 2.83 percent to close October 16 session at 587.17 points, while the VN30, which tracks the top 30 shares by market value and liquidity, sank 2.79 percent to end at 623.76 points.
Realty stocks that had been driving the market also decreased on October 16.
FLC Group (FLC), the most active code with over 16 million shares traded, dropped 6.25 percent to close at 10,500 VND per share. Others like Tan Tao Investment Industry (ITA), Kinh Bac City Development (KBC), Hoang Anh Gia Lai Co (HAG) and Hoang Quan Real Estate (HQC) also slumped between 2 and 6 percent.
On the Hanoi Stock Exchange, the HNX-Index slid 2.64 percent to finish the session at 87.20 points. The number of decliners was four times higher than advancers.
Market volume increased 35 percent from the previous session, totaling 85.7 million shares, while the trading value rose 30 percent to reach 1.164 trillion VND (55.2 million USD).
PetroVietnam Construction Corporation (PVX) continued to lead the market in terms of volume with 14 million shares exchanged, but the price dived 7.81 percent to settle at 5,900 VND.-VNA
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