Stocks ease off four days of gains

Stocks ease off four days of gains

Phuong Thao

HCMC – The stock market slightly declined on July 4 as sellers took the upper hand after a four-day winning streak.

The VN-Index fell 3.34 points, or 0.43%, against the previous day at 775.54. Turnover on the HCMC market kept sliding, with trading value dipping 10% to nearly VND3.5 trillion.

According to Dau Tu Chung Khoan news website, the market saw strong transactions in June with the VN-Index adding nearly 40 points and soaring to a 10-year high. Therefore, a correction may ensue before the index extends gains further.

Large-cap stocks were the key negative contributors as eight out of 10 leaders in terms of market capitalization closed the session down.

No banking stocks managed a rise. BID lost 1.9% to VND20,300 per share after four consecutive rising sessions with matching volume of 3.96 million shares while STB and MBB fell with 5.3 million shares and 2.8 million shares exchanged.

On the other hand, beverage company SAB and construction firm ROS made the most positive movements. ROS extended its winning streak to the 10th straight session, adding 0.7% with over 2.5 million shares changing hands.

Some VN30 stocks recovered in the last minute and kept the VN-Index above 775 points. Confectionery producer KDC, brokerage firm SSI and urban area developer KBC were the biggest gainers. SSI and KBC rose 1.1% and 1.9% with volume of 3.9 million shares and 3.4 million shares respectively.

Among small caps, financial group OGC hit the ceiling price for the eighth straight session at around VND2,400 per share and took the lead for liquidity with 23.4 million shares. ITA, an industrial zone developer, was the second most heavily traded stock, closing at over VND4,200 a share with 16.2 million shares traded.

AMD, meanwhile, dropped to its floor price for a second day at VND10,650 per share with volume of nearly 3.7 million shares. For nearly a month, the mining firm slumped from VND24,400 a share to near the par value.

Property firm QCG also dipped to the floor price for a third consecutive day at VND23,400 per share. In three months, the stock had rocketed from VND5,000 to over VND29,300  a share on June 26 before dropping to the current level.

The HNX-Index added 0.15% to 100.48, buoyed by pillar stocks in the petroleum and securities sectors. However, turnover on the Hanoi bourse dropped to VND659 billion.

Lender SHB again was the volume leader with 11.1 million shares traded, moving sideways for a second day at VND8,000 a share. Meanwhile, petroleum firm PVX hit the upper limit with 10.8 million shares traded.

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