VN-Index dips just below 750 points

Hanoi (VNA) – The benchmark VN-Index inched down 0.05 percent and closed June 9’s trade at 749.72, just below the new nine-year high of 750 points recorded on June 6.

It was the second drop in the June 5-9 week.

Rising caution was attributable to the market slump, as investors were concerned about a possible downward correction after profit-taking pressure increased on the major shares.

BIDV (BID), Vietinbank (CTG), PV Gas (GAS), insurer Bao Viet Holdings (BVH), FLC Faros Construction (ROS) and mobile phone retailer Mobile World Group (MWG) pushed the market down in the last minutes of June 9’s trade.

All of these shares were among the top 30 largest shares by market value and liquidity on the HCM Stock Exchange.

ROS shares fell 7 percent, the biggest daily drop capped on the HCM Stock Exchange for a second day and settled at 105,400 VND (4.64 USD) a share.

Money tended to shift from financial and real estate sectors to healthcare services and the rubber industry.

Several large-cap stocks including Vinamilk (VNM), petrol retailer Petrolimex (PLX), VinGroup (VIC), Saigon Securities Inc (SSI), FPT Corp (FPT) and Masan Group (MSN) maintained growth and cushioned the market.

The market breadth remained near equilibrium with 127 stocks rising, 135 declining and 68 closing unchanged.

The VN-Index is predicted to bounce back to 750 points early next week.

On the Hanoi Stock Exchange, the HNX-Index ended its session up 0.11 percent at 97.36 points.

Overall liquidity dropped with a total of 239.2 million shares worth 4.4 trillion VND (194.5 million USD) traded in the two markets, down 29.1 percent in volume and 26.7 percent in value compared to the previous day’s levels.

Foreign investors continued to purchase shares on the HCM City’s exchange, picking up shares worth a net value of nearly 43 billion VND. Steelmaker Hoa Phat Group (HPG) remained on the top of the most-purchased shares by foreign traders with a net buy value of 15.2 billion VND.

They were also net buyers on the Hanoi Stock Exchange, totalling a small net value of 4.3 billion VND. –VNA