 Insurance codes suffer as investors offload shares
Vietnam News - 7/22/2015 9:29:58 AM
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Shares on both bourses yesterday declined after blue chips, especially insurance shares, floundered under strong selling pressure from investors.Market liquidity continued to slip with a combined 142 million shares traded on the two exchanges, worth VND2.29 trillion (US$106 million), marking a 17 per cent loss for the day.The HCM Stock Exchange's VN Index declined by 0.63 per cent to finish at 616.61 points, officially breaking the benchmark of 620 points.The VN30 Index, which tracks the 30 largest codes by market cap and liquidity, fell just 0.43 per cent to 641.45 points with 11 codes advancing and 13 declining.Gainers, including Hoa Phat Group Joint Stock Company (HPG ) with a 2.95 per cent growth and HCM City Infrastructure Investment Joint Stock Company (CII) with a growth of 1.17 per cent, only helped to prevent the market from further losses.Gas shares showed some promise after their slide halted with only Petrovietnam Gas Corporation (GAS) losing VND1,000 or 1.66 per cent in market value.Insurance shares were the biggest players, hitting floor values and pulling the market down. Bao Viet Holdings (BVH), BIDV Insurance Corporation (BIC) and Bao Minh Insurance Corporation (BMI) were sold off in large volume and decreased at least 6.56 per cent in value.The fall of insurance shares also dragged other key sectors down. HCM City Securities Corporation (HCM) dropped VND2,300 or 6.02 per cent, Ma San Group (MSN) recorded a loss of VND4,000 or 4.25 per cent in market value.Hoang Anh Gia Lai International Agriculture Joint Stock Company (HNG), which debuted yesterday, opened at VND33,500 per share but dropped to VND33,000 per share by the end of the session. Its market cap of VND23.72 trillion ($1.08 billion) ranks it as the 10th largest code in the southern market.Ocean Group Joint Stock Company (OGC) was the most active code with more than 6.35 million shares exchanged and dropped 3.7 per cent in market value.On the Ha Noi Stock Exchange, the HNX Index lost another 1.18 per cent to close at 84.92 points with 103 decliners and 79 gainers.The northern index rose early on in the session on bank and securities shares, but selling pressure forced leading shares into decline by the end of the session.Among the most active shares on the northern bourse, only Kim Vi Inox Import Export Production Joint Stock Company (KVC) recorded a high growth at 7.04 per cent to VND30,400 per share.Sai Gon-Ha Noi Bank (SHB) remained flat and was the most active code with 4.8 million shares traded. Asia Commercial Bank (ACB) lost 2.75 per cent to VND21,200 per share and traded only 674,566 shares.Other key sectors, securities, gas and other blue chips, including Sai Gon Thuong Tin Real Estate Joint Stock Company (SCR) and FIT Investment JSC (FIT), fell in value.Foreign investors from both bourses significantly raised their combined net purchasing total value to VND105.5 billion ($4.88 million). However, foreign purchases were not enough to drive the market up
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