VN-Index retreats from 2008 peak

Petrolimex’s shares slipped over 2 percent on ​July7 due to heavy profit-taking pressure (Photo: VNA)

Hanoi (VNA) – The
benchmark VN-Index ticked down 0.88 percent to close at 775.73 points on July 7,
stepping down from the 2008 peak recorded in the last trade session due to
heavy profit-taking pressure.

On the Hanoi Stock
Exchange, the HNX-Index was down 1 percent to end at 101.58 points.

Liquidity rose
substantially with a total of 357 million shares worth almost 5.8 trillion VND (255.5
million USD) traded on the two markets, up 4.7 percent in volume and 18.4 percent
in value compared with the previous session.

Only five of the top 30
largest shares by market capitalisation and liquidity on the main bourse in HCM
City advanced and 24 declined, including banks, securities firms, energy
companies and real estate developers.

Seven of nine listed
banks on the two exchanges lost value, of which the two biggest listed lenders
– Vietcombank (VCB) and BIDV (BID) – both slipped 1.7 percent.

Industry-leading
companies like Petrolimex (PLX), Vinamilk (VNM), VinGroup (VIC), steelmakers Hoa
Phat Group (HPG) and Hoa Sen Group (HSG), DHG Pharmaceutical (DHG) and
PetroVietnam Drilling and Wells Service (PVD) slumped between 0.9-2.2 percent
each.

The market has rallied
substantially recently and a correction is understandable.

The VN-Index has gained
17 percent since earlier this year and is among the best performers in the
world, even surpassing neighbouring markets like Thailand, the Philippines and
Indonesia which have also reacted strongly to foreign capital.

In Vietnam, foreign
investors has poured a net 9.2 trillion VND (roughly 409 million USD) in the
first half of this year, beating the record 8 trillion VND recorded in the
first seven months of 2008, Viet Dragon Securities Co’s data showed.

Foreign traders were net
sellers on the day on the HCM Stock Exchange after an 18-day net buying streak,
offloading shares worth 61.5 billion VND. They were also responsible for net
sell value of 12 billion VND on the Hanoi bourse.-VNA



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