HA NOI — Accelerated sales put the brakes on shares yesterday on the HCM City Stock Exchange, causing the VN-Index to close essentially unchanged at 439.94 points.
The volume of transactions soared to 44.4 million shares, however, with a combined value of over VND1 trillion (US$50.5 million).
In a sign of the speculative nature of trades, the most-active share on the HCM City market was a penny stock, Viet Nam Electricity Construction Co (VNE), which racked up a volume of 2.9 million shares and finishing the session at VND10,300 per share, an increase of 4 per cent.
Meanwhile, most blue chips closed down, including PetroVietnam Finance (PVF) down 4.87 per cent; software producer FPT, down 2.14 per cent; Phu My Fertilisers (DPM), down 0.85 per cent; and Ocean Group (OGC) and Sacombank (STB), each down 0.45 per cent.
"The 440-resistance mark seemed to put a big brake on trading yesterday," said Nguyen Duy Phong, a member of an online stock forum. "Profit-taking pressure increased as shares purchased late last week arrived in investor accounts today, due to T+4 settlement period."
On the Ha Noi Stock Exchange yesterday, the HNX-Index finished the day off by nearly half-a-per cent to close at 101.57 points. The value of trades reached VND727.2 billion ($34.6 million) on a volume of 40.4 million shares.
PetroVietnam Construction (PVX) was again the most-active share nationwide, with 3.1 million changing hands.
Nguyen Dinh Loc, head of investment for a HCM City-based securities firm, said that profit-taking yesterday could confirm that the market has hit bottom and that a return of investors to the market next week had become more likely.
"But the prediction is for cautious going," Loc added. Source: vnagency.com.vn
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