Market declines on higher trade

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SaigonTimes English - 33 month(s) ago 2 readings

Market declines on higher trade

HCMC – The local stock market retreated on Tuesday after a mild rally on Monday with nearly half of stocks posting losses on Tuesday. The VN-Index fell 1.93 points, or 0.46%, against the previous session to close at 417.73.

Market declines on higher trade

By Phuong Thao - The Saigon Times Daily

Investors follow stock prices at a local securities firm. The VN-Index fell 1.93 points, or 0.46%, against the day earlier to close at 417.73 on Tuesday - Photo: Minh Khue
HCMC – The local stock market retreated on Tuesday after a mild rally on Monday with nearly half of stocks posting losses on Tuesday. The VN-Index fell 1.93 points, or 0.46%, against the previous session to close at 417.73.

Liquidity sharply improved but was still at a low level. On the southern exchange, value surged 24% to VND443.9 billion while volume jumped 26.4% from the session earlier to 28.7 million shares.

The market opened higher and quickly climbed to over 420 points after the first phase. It then fell back as large caps started to retreat and fluctuated for a while before closing at somewhat above the daily low.

The session saw 112 stocks falling while 95 others managed to make gains. Most blue-chips tumbled while DPM and FPT were rare advancers.

Becamex Infrastructure Development Co. (IJC) once again led the market for liquidity but it lost 4.1% to VND11,600 per share with 2.1 million shares changing hands. Hoang Quan Consulting-Trading-Service Real Estate Corp. (HQC), the second most heavily traded stock, shed 4.7% from the session earlier to VND12,000 on the volume of 1.4 million shares.

Foreigners came back to the selling side as they bought 2.5 million shares worth VND67.9 billion and offloaded 2.8 million shares worth VND74.5 billion, accounting for 15.3% and 16.7% of the market’s buying and selling value respectively.

The Hanoi market, meanwhile, bounced back slightly but turnover remained dull at VND252 billion. The HNX-Index added 0.47 point, or 0.67%, from the session earlier and ended the day at 70.93.

The number of rising stocks slightly outnumbered that of falling ones by 123 to 95. Foreigners spurred net selling and accounted for 0.6% and 2.7% of the market’s buying and selling value respectively.

Fiachra Mac Cana, managing director of HCMC Securities Corp., said the market would continue to drift sideways and down for now with the memories of the August-September rally fast fading.

Even so, the direction of policy in recent days has been more positive and set the stage for a positive move for stocks again before the end of the year. Long-term buyers will note that current levels are very attractive once again, he said.

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