Foot on throat of HoSE

But, the northern bourse opened with gains and support for major stocks. However, big selling pressures overwhelmed that support, pushing the market to negative territory from the end of morning trading.

Pillar stock Bao Viet Holdings (BVH) hit the floor, while PVGas (GAS) sunk 3.59 per cent and Vinamilk (VNM) slightly shed.

Banking stocks Vietinbank (CTG) and Sacombank (STB) significantly reduced, while Vietcombank (VCB) and Military Bank (MBB) ended flat. Several other major stocks reduced their gains at the session end on selling pressures.

The benchmark VN-Index dropped 1.9 points or 0.43 per cent to 435.48 points, despite advancers outrunning decliners 155 to 96 on the bourse.

Liquidity stayed low at 66.8 million shares worth VND947 billion ($45.7 million) on uncertain sentiment among investors. Analysts still expected a continuing correction trend.

Hanoi Stock Exchange (HNX) was also pushed down by weak buying power. HNX-Index lost 0.46 points or 0.6 per cent to end at 75.6 points. Decliners outran advancers 138 to 108 on the northern bourse.

Trading volume reached just 54.7 million shares worth VND564 billion ($27.2 million).

Meanwhile, speculative stocks started to bounce back amidst a continuing correction trend. On the HoSE, real estate stocks Tan Tao Investment Industry Corp. (ITA), Licogi 16 (LCG), Sao Mai Construction Corp. (ASM), Becamex Infrastructure Development (IJC), PetroVietnam-Idico Long Son Industrial Park Investment (PXL), Ninh Van Bay Real Estate (NVT) massively jumped 3-4 per cent each. Several other real estate pennies were also strongly up with hundreds of thousand of units matched.

Rubber stocks Danang Rubber (DRC), Southern Rubber Industry (CSM) and Sao Vang Rubber (SRC) all hit the ceiling on  the HoSE.

The HNX saw purchasing power mainly focus on pennies like Tasco (HUT), Dai Chau (DCS), IDJ International Financial Investment and Enterprise Development (IDJ) and PVI Investment and Development (PV2).