On the HCM City Stock Exchange, the VN-Index declined by over a per cent to close at 460.76 points. The volume of trades decreased by 11.5 per cent from Monday's highs to 84.2 million shares, worth a combined VND1.97 trillion (US$93.8 million).
About 44 per cent of 195 decliners plunged to their floor prices yesterday, while only 13 shares hit their ceiling prices – compared to 70 in the previous session.
Blue chips tumbled. Of the major shares, only insurer Bao Viet Holdings (BVH) and property developers Hoang Anh Gia Lai Co (HAG) and Vincom Co (VIC) rose in value, with VIC hitting its ceiling price of VND86,000 ($4.10).
Saigon Securities Inc (SSI), with a volume of over 6 million shares, was again the most-active on the bourse. SSI closed down 3.1 per cent, however, to VND28,300 ($1.35).
Nguyen Quang Minh, an analyst with financial information portal Vietstock, said market volume remained high despite heavy sales.
"If the market continues to decline [on Wednesday], the ability to adjust in the short term is high," Minh said.
Bao Viet Securities analyst Nguyen Duc Thi predicted that investor excitement might wane in upcoming sessions, however, as demand weakened and sell pressures increased.
"The market will most likely enter a correction in the next couple of sessions," Thi said.
On the Ha Noi Stock Exchange yesterday, the HNX-Index declined by 2.46 per cent to close at 114.19. Market volume fell by 8 per cent from Monday's session to 80.8 million shares, worth a total of VND1.6 trillion ($76.2 million).
Decliners outnumbered advancers by 283-48 and almost 56 per cent of the losers slumped to their floor prices.
Kim Long Securities Co (KLS) continued to be the most heavily-traded share nationwide, with more than 11 million changing hands, but KLS declined 2.4 per cent to close at VND16,000 ($0.76), ending a streak of six consecutive days of gains.
Cash was still tending to flow toward smaller stocks with depressed prices, wrote SSI analysts in a market report, noting the factors supporting a rally hadn't yet materialised. Interest rates, in particular, continued to be very high and were likely to remain so for the next two quarters, they said.
They advised investors to avoid rushing to buy, particularly shares had increased dramatically recently and shares without good fundamentals.
Foreign investors were net buyers in HCM City yesterday of VND73 billion ($3.5 million) worth of shares but were net sellers in Ha Noi of VND5.8 billion ($276,200).Source: vnagency.com.vn
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