Profit takers send market down
HCMC – Stocks tumbled on April 12 as investors rushed to take profits after the VN-Index had hit a new high of 730 points on Tuesday.
The stock exchange in HCMC saw 169 stocks declining, 94 advancing and 45 closing unchanged, sending the VN-Index down 0.79% to 725.58 points. Active sellers strongly pushed up turnover on the southern bourse, with volume and value surging 18.5% and 19.4% against the previous session to 249 million shares and VND4.3 trillion respectively.
Blue chips VIC, GAS and MSN steadily fell given strong selling pressure. VNM bounced back in the afternoon and managed a modest rise of 0.35% but still failed to curb the market from sliding.
SAB and BHN, the key stocks in the beverage sector, edged down for the second straight session after a long winning streak. SAB closed the day at an intraday low of VND203,000 a share, down 2.2% versus Tuesday, while BHN lost 3.8% at VND84,000 per share.
Steel stocks also plunged sharply, with HSG losing 3.9%, HPG 0.9%, NKG 3.1% and POM 6%. Meanwhile, PDR and some small caps such as CIG, LCM, HID and CMX went up to the ceiling prices and made the most positive contribution to the main VN-Index.
Among speculative stocks, HAG plunged to its floor price before it rebounded, helped by rising demand. It ended the session down 5.9% at VND8,600 a share with matching volume of 12.3 million shares. HNG crashed to its floor price of VND10,700 per share with over four million shares traded.
FLC again took the lead by liquidity with over 30.7 million shares traded but lost 5.5% to over VND7,500 a share. ITA also closed at its lower limit of VND3,000 per share, falling 5.2% versus the session earlier, with 21.6 million shares changing hands.
The Hanoi market went down steadily as most blue chips lost ground, with the HNX-Index down by 0.8% at 89.91. Along with HNX30 stocks HUT, LAS, NTP and VCS, petroleum stocks like PVC, PVB, PVS and PLC either declined or moved sides, becoming the most negative contributors to the northern index.
Turnover sharply dropped with 54.2 million shares worth VND587 billion traded, slumping 31.5% from the previous day. The put-through market was quiet.
Among gainers, SHB rose for the third consecutive session, adding 1.5% at VND6,900 a share with matching volume of 14.4 million shares. Meanwhile, ACB lost 2.5% at VND23,100 per share with nearly 4.2 million shares traded.