An investor watches share prices on a computer screen. (Photo: VNA) Hanoi (VNA) -The benchmark VN-Index declined for the first time this week, closing June 8’s tradedown 0.44 percent at 750.13 points on the Ho Chi Minh Stock Exchange.
Shares of big companies operating in the banking, real estate and food-beveragesectors tumbled under rising profit taking pressure.
Five of six listed lender on the HCM City exchange lost value of between 1 percentand 1.8 percent. Four of the five decliners were among the top 10 biggestshares by market value, thus their slumps dragged down the market.
Sacombank (STB) was the only bank share seeing growth on June 8, up 2.6 percent.The share price rose 11.3 percent this week following the information late lastweek that FTSE ETF had added STB shares into its portfolio for the next quartertogether with real estate company Novaland Investment Group (NVL).
Many large-cap stocks in top 30 shares by market value also fell and weigheddown the market, including Vinamilk (VNM), brewery Sabeco (SAB), FLC FarosConstruction (ROS), PetroVietnam Drilling and Wells Service (PVD), Masan Group(MSN), insurer Bao Viet Holdings (BVH) and Hoa Sen Group (HSG).
The VN-Index rose about 2 percent this week and profit-taking pressureincreased on stocks that marked substantial growth in the previous rally.
On the Hanoi Stock Exchange, the HNX-Index edged down 0.22 percent to end at97.25 points.
Liquidity increased with a total of 337.2 million shares worth nearly 6 trillionVND (262.8 million USD) traded on the two exchanges, up 10.7 percent in volumeand 3.4 percent in value compared to June 7’s figures.
According to analysts at Vietnam Investment Securities Co, the overall marketcondition remained stable but big gainers from the past rally are underprofit-taking pressure.
“Money is still flowing in the market and opportunities will likely appear withshares showing potential growth,” they wrote in a note, adding the market waspreparing to receive information related to second-quarter business results,which would impact market movements.
On the positive side, the market was cushioned by growth of several large-capstocks such as Hau Giang Pharmaceutical (DHG), VinGroup (VIC), IT firm FPTGroup (FPT), Saigon Securities Inc (SSI), steelmaker Hoa Phat Group (HPG) andMobile World Group (MWG).
Hau Giang Pharmaceutical hit the daily limit rise of 7 percent at 119,900 VND ashare on the HCM City exchange.
Foreign traders remained net buyers in the HCM City market for nearly 50billion VND but they were responsible for a net sell value of 3.2 billion VNDin Hanoi’s market.-VNA
VNA
