 VN-Index has heavy selloffs
Vietnam News - 7/29/2015 9:13:16 AM
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Liquidity soared but the VN-Index still failed to sustain morning gains as sell offs happened across the board yesterday.On the HCM Stock Exchange, the VN-Index lost 0.63 per cent to close the session at 631.47 points. The VN30, which tracks the top 30 shares by market value and liquidity, dropped 0.91 per cent to end at 659.60 points.The market condition was negative as decliners doubled advancers, the worst performance since the beginning of June."From this movement in both market breadth and Index, the market is obviously weakening substantially. The growing momentum has faded and widespread declines across the board induced the market's steep fall," analysts on the financial website vietstock.vn commented.Blue chips had a choppy trading day with many large-cap shares loosing over 2 per cent in value, including Bao Viet Holdings (BVH ), FLC Group (FLC), Hoa Phat Group (HPG), Sacombank (STB) and PetroVietnam Drilling and Wells Service (PVD).Confectionery Kinh Do Corp (KDC) was among a few gainers. Its price hit the ceiling price of VND50,500 (US$2.32) a share, the highest in the past six months, after the company announced it would pay dividends at a striking rate of 200 per cent in cash.KDC saw its highest trading volume in history yesterday with more than 8 million shares worth VND406 billion ($18.6 million) exchanged. This volume accounted for over 13 per cent of the total market volume in HCM City's market yesterday.In contrast to domestic moves, foreign investors were net sellers, offloading 2.09 million KDC shares, making up 26 per cent of this share's activity yesterday.Overall liquidity rose strongly with 155 million shares worth over VND3.2 trillion ($146.8 million) exchanged yesterday, up 25 per cent in volume and 20 per cent in value against the previous session.Without especially encouraging news, PetroVietnam Power Nhon Trach 2 (NT2) surprised the market as the most active stock yesterday with 10.6 million shares traded, rising 5.2 per cent to VND24,200 ($1.11) each.On the Ha Noi Stock Exchange, the HNX-Index dropped 1.06 per cent to finish the day at 85.58 points as losers also doubled gainers.Liquidity also improved here with the market volume rising 10 per cent to reach 51 million shares worth VND648 billion ($29.7 million) by the end of the session.Speculative stock FLC Joint Venture Global Investment Co (KLF) remained the most active code with 4.3 million shares traded but its price slumped 5 per cent to settle at VND5,700 a share.Foreign investors increased selling acitivty yesterday. They were responsible for a net sell value of more than VND86 billion (nearly $4 million) worth of shares in HCM City, up 170.3 per cent over Monday. They were also net sellers in Ha Noi's market with a net sell of VND2.3 billion ($105,500).
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