Market takes a tumble after recent highs

Ho Chi Minh Stock Exchange’s (HoSE) VN-Index slightly climbed 3.01 points to 488.3 points at the session’s opening then fell back at 9:10 am, closing at 478.29,down 7 points or 1.44 per cent against Friday. Hanoi Stock Exchange’s (HNX) HN-Index fell also to close at 116.7, down three points or 2.51 per cent.

Analyst said the market’s downward was caused by the record amount of 135 million units changing hand on December 14 had come into accounts today (four trading days after the transaction as stipulated by existing law), which made cash holders hesitant in buying more, while shareholders aggressively sold out.

Investors had “took the precaution of increasing portfolios in a flurry market,” said FPT Securities analysts.

HoSE’s trading volume sharply fell to 67 million shares worth VND1.555 trillion ($77.75 million), down 9.6 per cent and 16 per cent in terms of volume and value against Friday session respectively.

Real estate firm ITACO (ITA) topped the HoSE with 4.85 millions shares traded, followed by Saigon Securities Inc. (SSI) and Sacombank (STB) at 4.44 million and 4.19 million respectively. Trading volume of the bourse’s major codes like OGC, CTG, QCG’s stood at under three million each.

HNX’s liquidity dipped back with trading value just reached VND920.35 billion ($46.17 million) for 47.24 million shares traded, in which Habubank HBB was the most active code with 4.9 million units changed hand.

Overall, 73 stocks up with 21 hit ceiling, 155 lost with 21 hit floor and 50 unchanged on HoSE. Also, HNX had 213 stocks losing against 88 up and 60 ended flat.

Foreigners bought 4.11 million shares worth VND130.67 billion ($6.53 million) while selling up to 383 million units worth VND135.16 billion on HoSE, making up net selling of VND4.5 billion value.

VCB, HSG, CTG, REE, OGC, HAG and PNJ were the most actively buying codes, while the net selling focused on SSI, SBS, VIC, PVF, KDC and BVH.

Meanwhile, on the HNX foreign investors were net buyers with 805 shares worth VND16.81 billion traded, in which they bought up to 1.15 million shares worth VND23.74 billion while sold some 342,000 units worth VND6.94 billion.