Strong afternoon selling in blue chips on the HCM City Stock Exchange pushed shares down on June 4 as investors began to fear a deep imminent correction after the VN-Index hit a 27-month high.

The VN-Index gave up over six points, or 1.23 percent, to finish the June 4 session at 510.69 points while the VN30 tracking the top 30 shares was also down over 1 percent to 574.95 points.

Most heavyweight shares fell in value, including dairy giant Vinamilk (VNM), insurer Bao Viet Holdings (BVH), Vietcombank (VCB), Phu My Fertiliser (DPM), logistic company Gemadept (GMD) and PetroVietnam Finance (PVF), of which GMD and PVF plunged to the floor price.

The market condition was negative with 167 codes declining, 64 rising and other 78 closing unchanged.

Property developer VinGroup (VIC) was among the few gainers, climbing 3.6 percent to 71,500 VND (3.41 USD) a share, after the group announced a plan to buy back 46.4 million shares of the company from June 24 to July 23. More than 2.4 million VIC shares were traded on the bourse by the end of June 4.

Total volume of trades was little changed from the previous session, totalling nearly 79 million shares, but the value was up 20 percent at over 1.44 trillion VND (68.6 million USD).

According to many analysts, corrections will provide good opportunities for investors to increase share holdings because the market outlook is still positive in the medium term due to better corporate and economic performances.

Tan Tao Investment Industry (ITA) was again the most active code on the HCM City bourse, with 6.4 million shares changing hands at a value of 7,400 VND a share, down 3.9 percent from its previous close.

On the Hanoi Stock Exchange, the HNX-Index also edged 1.7 percent down on 63.79 points on a total turnover of 451 billion VND (21.5 million USD).

With 10.74 million of its shares being traded yesterday, Sai Gon-Hanoi Bank (SHB) continued to be the busiest stock on the northern market. The shares slumped 2.7 percent, however, to 7,200 VND each.