Market dips on profit pressures

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Báo Đầu Tư English - 69 month(s) ago 8 readings

Market dips on profit pressures

The market dropped Wednesday on massive locking in profit pressures. Speculative financial, real estate and securities stock company sectors massively fell, dragging back the market.

A number of real estate stocks were strongly sold as investors locked in profits. Licogi 16 (LCG), Vietnam Mechanisation Electrification and Construction (MCG), Tu Liem Urban Development (NTL), Investment and Trading of Real Estate (ITC) lost 3-4 per cent each.

VNDirect Securities (VND) and Kim Long Securities (KLS) slipped 2.33 and 3.15 per cent, respectively. Stocks of small firms like Saigon-Hanoi Securities (SHS), Wall Street Securities (WSS), Asia-Pacific Securities (APS), Au Viet Securities (AVS) sharply fell on the Hanoi Stock Exchange (HNX).

Banking shares saw slighter falls. Military Bank (MBB) was off 0.65 per cent, Eximbank (EIB) 0.55 per cent, Sacombank (STB) 0.81 per cent while Vietinbank (CTG) off 0.45 per cent.

Particularly, mineral stocks massively hit the floor today after a long-lasting rising tide in last week. Nari Hamico Minerals (KSS), Tay Bac Minerals Investment (KTB), Hamico Group Mineral (KSH) all hit the floor on big offering volumes. Bac Giang Exploitable Mineral (BGM) also reduced its rising momentum.

Top active stocks today were all speculative stocks being strongly sold out for profits. BGM outperformed on the Ho Chi Minh Stock Exchange (HoSE) with 5.4 million shares matched.

Meanwhile, a cautious sentiment cloaked the market due to expected inflation rises in May.

“Inflation remains a concern, as the increase in the minimum salary of all state employees would become effective on May 1 and there is increased risk of an electricity price hike coming soon,” said Saigon Securities Inc. (SSI).

Overall, the VN-Index shed 1.31 points or 0.28 per cent to end at 472.46 points. Decliners and advancers ran nearly even 123 to 134. The HNX-Index lost 0.51 points or 0.64 per cent to end at 79.35 points, despite 187 stocks up outrunning 113 off.

Liquidity increased in the correction session. Total volumes jumped to 118 million units worth VND1.78 trillion ($86 million) on the HoSE. The figure reached 89 million shares worth VND929 billion ($44.9 million).

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