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VN-Index takes nosedive as investors lock in profits

The Saigon Times

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HCMC – The VN-Index of the Hochiminh Stock Exchange today, January 10, took nosedive as many investors locked in profit after several bullish sessions.

The benchmark index lost 1.62%, or 24.77 points, to close at 1,503.71 points, with losing stocks outnumbering winning ones by 308 to 141.

The index fluctuated around 1,530 points in the morning but dropped sharply in the afternoon due to a sell-off, when a number of stocks were sold in a short span of time, causing their prices to fall in rapid succession.

At the time more shares were offered than buyers’ demand, the decline in prices accelerated as market sentiment turned sour.

There were more than 1,381 million shares worth some VND41.8 trillion changing hands on the southern bourse, soaring 34.47% in volume and 31% in value compared with the previous session. More than 65.15 million shares worth over VND3 trillion were traded in block deals.

In the VN30 basket, which comprised the 30 largest caps, 24 stocks declined while only four gained ground. Electricity producer POW was the worst performer, dropping to the floor price at VND18,750.

Other major drags included gas distributor GAS and housing developer KDH, which fell 5.1% and 4.4%, respectively.

Securities corporation SSI dropped 4% to the lowest in nearly half a month and real estate developer NVL fell 2.9% to a six-week low.

Besides, fuel distributor PLX, rubber group GVR and insurer BVH lost 2.3%, 2.1% and 1.6%, respectively.

Retailer VRE, real estate company PDR, lender CTG and property developer VIC were the only four winning stocks in the VN30 basket, but they grew by only approximately 0.5%.

In the group of small and medium stocks, many dropped to the floor prices such as ROS, LDG, CII, HBC and FLC.

Property developer FLC in particular sold off and set a new liquidity record as it had nearly 135 million shares traded.

On the Hanoi Stock Exchange, the profit-taking pressure also made the HNX-Index lose 10.95 points, or 2.22%, to end at 482.89 points.

Declining stocks outnumbered gainers by 155 to 104. There were over 185.6 million shares worth some VND5.2 trillion transacted.

In the HNX30 basket, construction firm CEO fell to the floor price at VND83,300. Other biggest decliners were LAS, VMC, TNG, TVC, TAR and HUT, with each dropping over 5%.

Trading and service firm KLF rose 1.9% to VND10,500 and led the northern market in terms of liquidity with more than 23 million shares changing hands.

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