Two stocks buck downward trend

Profit-taking measures drove shares down on November 4.
Profit-taking measures drove shares down on November 4.

Investors sold blue chips, which have the maximum influence on the market, in large numbers.

On the Hochiminh Stock Exchange, 21 of the 30 largest stocks tracked by the VN30 Index retreated.

The VN30 Index lost 0.73 percent to close at 639.91 points.

The benchmark VN-Index fell 0.79 percent, reaching 598.39 points, failing to exceed its resistance level.

The overall value of transactions on the bourse was 2.2 trillion VND (103.7 million USD), with the trading volume being more than 116.1 million shares.

On the Hanoi Stock Exchange, the HNX-Index closed at 88.71 points, down 0.18 percent compared to the previous day.

The HNX30 Index, charting the performance of the northern market's 30 leading stocks, shed 0.226 percent to end at 176.98 points, although it posted gains during the morning trading.

Investors traded about 49.8 million shares, worth 768.2 billion VND (36.2 million USD).

On November 3, VNDirect Securities predicted a correction on both exchanges, as the buying power had slowed down.

However, the company said that investors would buy when the VN-Index falls to 597 points, and might consider large real estate firms such as Vingroup (VIC), Kinh Bac (KBC) and DIC Corp (DIG).

Nguyen Duc Hung Linh, Saigon Securities Inc's Director of retail research and investment advisory, said that the market was still under a short-term pressure of profit-taking.

"In the long term, the prospects are positive, thanks to declining input costs of the economy, which will help enhance business profits and consumption," he added.-VNA

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