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Bank stocks drive market down for second day

Phuong Thao
Friday,  Apr 14,2017,09:22 (GMT+7)
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Bank stocks drive market down for second day

Phuong Thao

HCMC – Strong profit taking sent stocks down for the second straight session on April 13 with bank stocks contributing most to the VN-Index decline.

The number of losing stocks slightly outnumbered that of winning stocks by 139 to 126, leading the index of the HCMC bourse to edge down 0.17% at 724.35 points. Turnover on the HCMC market fell mildly compared to the previous day with 190 million shares worth VND4.1 trillion changing hands, including VND729 billion in bloc deals.

Bank stocks increased in the morning but dropped in the afternoon phase, except for MBB which added 1%. STB was the biggest index drag as it plunged to its floor price of VND11,900 a share, driven by high foreign and domestic selling. Its matching volume reached nearly five million shares.

The VN30 basket made a significant negative contribution as 19 stocks in the group went down while nine others gained and two closed unchanged. The VN30-Index lost 4.68 points, or 0.68%, to end the session at 687.72.

Having supported the market for two sessions in a row, VNM lost 0.63% to close at an intraday low of VND143,100 per share with nearly 323,000 shares traded. Other large caps like MSN, GAS, FPT, HSG and HPG lost 0.1% to 1.3% each.

Meanwhile, ROS rose to the reference price while SAB and VIC reduced its losses in the afternoon, helping the market avert a further fall. FLC was the most heavily traded stock but it slumped 3.3% against Wednesday at VND7,300 a share.

The Hanoi market seesawed in a narrow range but recovered in the end, buoyed by strong blue chips. The HNX-Index added 0.13% at 90.03 points with turnover shrinking to VND505.8 billion.

SHB bucked the trend of the bank stocks, gaining 7.2%. It closed at VND7,400 a share with 16.9 million shares traded. Meanwhile, ACB lost a slight 0.4% to VND23,000 per share.

CTP drew the most attention for hitting the ceiling price of VND12,900 a share after a six-day losing streak. The firm reported trading volume of over one million shares.

Foreign investors net bought nearly VND498 billion worth of shares on the southern bourse. They net bought VND38 billion of HPG shares and VND26.3 billion of VIC shares. Meanwhile, they offloaded KDH, DPM and SKG with a net selling value of VND27.4 billion, VND4.2 billion and VND3.6 billion respectively.

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