Investors during a Hanoi Stock Exchange trading session (Photo: VNA) Hanoi (VNA) - Shares fell in both localmarkets on June 27 as large-cap stocks were hit by strong profit-taking frominvestors.
The benchmark VN Index on the HCM Stock Exchangedropped 0.65 percent to close at 767.51points. It had gained 0.8 percent total in the previous two trading sessions.
The HNX Index on the Hanoi Stock Exchange lost0.72 percent to end at 98.02 points. The northern market index rose 0.5 percenton June 26.
More than 278.5 million shares were traded onboth local bourses, worth 4.67 trillion VND (207.9 million USD).
The market declined--following a two-sessionincrease--was attributed to sales of large-cap stocks, which had increasedsharply in the previous trading days. Investors wanted to make some short-termprofits in those profitable stocks, according to BIDV Securities Company (BSC).
Two-thirds of large-cap stocks in the VN30Index, which tracks the performance of the 30 largest companies by marketcapitalisation, ended in the negative territory on June 27.
The Hanoi-based brokerage firm said in itsreport that bank stocks and shares of fuel station operator Petrolimex (PLX)were the main factors that pushed the market down on June 26.
PLX slumped 4.2 percent after a six-day rallywith a total growth of 15 percent.
Of the nine listed banks, only Sacombank (STB)advanced. Declining bank stocks included Asia Commercial Bank (ACB), BIDV(BID), Vietinbank (CTG) and Vietcombank (VCB).
BID went down 1.5 percent, CTG fell 1.3 percent andVCB decreased by 0.7 percent. These three bank stocks had risen total 1.7 percent,1.5 percent and 1.1 percent respectively during the previous two sessions.
Other declining large-cap shares in the VN30Index included PetroVietnam Drilling and Well Services (PVD), agriculture firmsHoang Anh Gia Lai Group (HAG) and HAGL Agrico (HNG), and food producer Kido(KDC).
The decline of the stock market on June 27 wasalso a signal that investors were restructuring their portfolios to prepare foropportunities to make investment in companies that could produce good earningsreports for the second quarter, BSC said.
Sai Gon-Hanoi Securities (SHS) said in a notethat June 27’s decline was only a backward step needed to ease the pressurecreated by recent high margin loans.
The current market conditions may continue inthe next few days, according to SHS: “The VN Index will move narrowly on Junetk88 between 764 and 770 points.”-VNA
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