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Wednesday,  Sep 20,2017,19:52 (GMT+7)

Profit taking dampens stocks

Phuong Thao
Tuesday,  Jul 11,2017,23:46 (GMT+7)
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Profit taking dampens stocks

Phuong Thao

HCMC – As profit taking pressure built up on July 10, the stock market lost ground for a second straight session, dragging the VN-Index down 9.17 points, or 1.18%, to close at 766.56.

Though the State Bank of Vietnam had lowered interest rates to fuel economic growth and told commercial banks to reduce lending rates for a number of sectors to support enterprises, investors rushed to offload shares, pushing the VN-Index down to 770 points on July 10 morning.

The index of the HCMC bourse rebounded after touching the strong supporting range of 769 and 770 points in the afternoon but it still dropped further and closed the day with a whopping loss. Turnover on the HCMC market also tumbled given investor caution, with volume and value shedding 22% and 8% against last Friday at 217 million shares and nearly VND4.3 trillion.

Large-cap stocks including VNM, VIC, VCB, BID and CTG collectively dragged the VN-Index down by 0.78%, in which bank stocks VCB, BID, CTG and MBB took away over 0.32%. Among speculative stocks, only five property and mining stocks – OGC, HAI, HAR, AMD and LCG – rose to the ceiling prices while the remainder closed in the red.

Property stock HQC was the most actively traded stock with nearly 13.5 million shares changing hands but fell 3.2% at nearly VND3,300 per share. ITA, an industrial zone operator, and construction firm FLC came next with 9.8 million shares and over eight million shares, falling 0.4% and 0.7% from the previous session at VND4,580 and VND7,100 a share respectively.

The Hanoi market also plunged for the second day, with the HNX-Index dropping 1.19% at 100.37. Turnover on the northern bourse remained high, with 106 million shares worth VND904 billion traded.

SHB was the most liquid stock in the banking sector with 24 million shares but lost 1.2% at VND8,000 per share. VCG, a construction and export-import company, dropped 2.8% to VND10,600 a share with volume of 3.8 million shares while lender ACB declined 2.2% at VND25,900 per share with 2.6 million shares.

Petroleum construction firm PVX was the volume leader on the northern bourse, falling 3.4% at VND2,700 a share with 34.4 million shares traded.

Meanwhile, foreign investors returned to the buying side for net purchasing VND94.2 billion of shares on the HCMC market and over VND1.9 billion on the Hanoi bourse.

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