Profit taking time as market falls back

Selling pressures weighed most on blue-chip stocks like Bao Viet Holdings (BVH), Masan Group (MSN), Vinpearl Tourism and Trading JSC (VPL) and Vincom Corp. (VIC).

Several speculative stocks, which massively hit the ceiling yesterday, fell. Saigon Securities Inc. (SSI) slipped 0.52 per cent, Ocean Group JSC (OGC) fell 1.77 per cent while PetroVietnam Finance (PVF) was off 0.79 per cent.

Refrigeration Electrical Engineering Corp. (REE) shed 0.87 per cent and Hoang Quan Consulting-Trading-Service Real Estate Corp (HQC) was down 0.86 per cent.

The benchmark VN-Index of the Ho Chi Minh Stock Exchange (HoSE) lost 4.75 points or 1.17 per cent to 401.28 points. Half the market fell with 143 stocks declining, 78 advancing and 78 unchanged.

On the other hand, some other speculative stocks still rose. Among them, real estate stocks like DIC Investment and Trading (DIC), Kinhbac City Development Share Holding Corp. (KBC), Ho Chi Minh City Infrastructure Investment (CII) jumped more than 4 per cent.

Liquidity fell to 30 million shares worth VND499 billion ($24.3 million) as investors remained cautious ahead of big locking in profit pressures. Put-through volume remained high at 4.47 million shares worth VND120 billion ($5.9 million).

Meanwhile, demand for speculative stocks was big on the Hanoi Stock Exchange. Some 8.3 million Kim Long Securities (KLS) were matched, 7.6 million VnDirect Securities (VND) and 5.8 million Vietnam Construction and Import-Export (VCG) changed hands.

Volumes of other major stocks like PetroVietnam Construction (PVX), Bao Viet Securities (BVS) remained high. HNX’s total volume hit 49.72 million shares worth VND564.25 billion ($27.5 million).

Some 181 stocks dropped on the southern bourse, compared with 73 up and 133 flat. PetroVietnam Southern Gas (PGS),  PetroVietnam Northern Gas (PVG) and Saigon Commercial Real Estate (SCR) largely fell back after sharply jumping yesterday.

The HNX-Index lost 0.49 points, or 0.7 per cent, ending at 69.43 points.