Vincom plunge leads market reversal

The VN-Index retreated by 0.7 percent on June 22 following a strong rebound the day earlier, closing on June 22's trades on the HCM Stock Exchange at 439.63 points.
The VN-Index retreated by 0.7 percent on June 22 following a strong rebound the day earlier, closing on June 22's trades on the HCM Stock Exchange at 439.63 points.

The value of trades rose by 11 percent over the previous session to 647 billion VND (31.4 million USD), but the overall volume of trades fell 16 percent to just 24.9 million shares, the lowest level in two weeks.

Decliners outnumbered advancers by 126-80.

Blue chips such as Vietinbank (CTG), property developer Hoang Anh Gia Lai (HAG), steel producer Hoa Phat Group (HPG) and software giant FPT all rose.

Meanwhile, insurer Bao Viet Holdings (BVH) dropped by 1.2 percent and Phu My Fertiliser (DPM) slumped 0.3 percent, helping drag down the VN-Index. Investors dumped shares of real estate developer Vincom (VIC), which bottomed out after five consecutive sessions last week in which they hit their ceiling prices.

VIC denied issuing any information last week that affected its share price.

"The buys of our shares stemmed from actual demand on the stock market and were beyond our control," the company said in a statement.

Saigon Securities Inc (SSI), with 1.55 million shares changing hands, was the most-active share on the southern bourse, closing unchanged at 19,000 VND (0.90 USD) a share.

On the Hanoi Stock Exchange, the HNX-Index lost another 0.83 percent to close at 76.41 points. The value of the day's trades rose 12 percent to 468.6 billion VND (22.7 million USD ) on a volume of 38.2 million shares. Losers edged gainers by 131-122.

VNDirect Securities (VND), which had climbed 3.5 percent the previous day to 11,900 VND (0.60 USD) per share, was the most-active share nationwide with almost 4 million changing hands.

Foreign investors continued to buy shares worth a net of 27.2 billion VND (1.3 million USD) in HCM City but sold a net of 3 billion VND (145,600 USD) worth of shares on the northern bourse./.

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