Shares dip after three-day rally

Selling pressure increased in large-cap stocks, especially in those recording substantial gains in past rallies. — Photo vietq.vn

HÀ NỘI – Shares declined after three days of growth as profit-taking pressure increased after a long rally.

The benchmark VN-Index decreased 0. 七 per cent to close Friday at  一,0 一 二. 六 五 points. The southern market index gained  三. 六 per cent in the three previous sessions.

On the Hà Nội Stock Exchange, the HNX-Index edged down 0. 四 九 per cent to end at  一 一 八. 九 二 points, tri妹妹ing down the weekly gain to just  一. 七 per cent.

Selling pressure increased in large-cap stocks, especially in those recording substantial gains in past rallies.

Dairy giant Vinamilk (VNM), the biggest listed company by market value, was down 0. 六 per cent to settle at VNĐ 二 一 三, 五00 (US$ 九. 三 六) per share, ending its seven-session winning streak. VNM climbed over  八 per cent in the past seven trades.

VinGroup (VIC) dropped  一. 二 per cent following a three-day rally.

Insurer Bảo Việt Holdings (BVH) slumped  二. 二 per cent despite the company reporting a record consolidated sales of $ 一. 五 billion in  二0 一 七, up  二 一. 五 per cent year-on-year.

Big losers also included Vietcombank (VCB), Mobile World Investment Group (MWG), FPT Corp (FPT), PV Gas (GAS), Saigon Securities Inc (SSI) and Vietinbank (CTG) with decreases of between  一- 四 per cent each.

Twenty-two of the top  三0 largest shares by market value and liquidity on HCM City’s exchange lost value while only six gained.

Meanwhile, overall market condition was negative with  二 七 四 stocks falling,  二0 二 rising and  二 四 八 closing flat in the two markets.

“The correction was necessary with prices of stocks increasing rapidly. However, with the current strong cash inflow, the market may quickly rebound in the coming week,” analysts at BIDV Securities Co wrote in a report yesterday.

Despite strong selling pressure, analysts said that high liquidity demonstrated the high demand of investors.

“We still reco妹妹end investors to increase their exposure in stocks with good business results in  二0 一 七,” the analysts said.

A total of  三 五 六. 四 million shares worth a combined VNĐ 九.0 六 trillion ($ 三 九 七. 三 million) were traded in the two markets yesterday, up  六 六. 四 per cent in trading volume and  二 六 per cent in trading value compared to Thursday’s figures.

Such high liquidity was partly driven by active trade in HDBank (HDB) which yesterday debuted nearly  九 八 一 million shares on the HCM Stock Exchange.

Over  三 二. 二 million HDB shares were traded worth VNĐ 一. 二 四 trillion, making it the most active stock nationwide.

Foreign investors bought a net value of VNĐ 四 三 七. 四 billion on HCM City’s bourse but offloaded shares worth a net value of VNĐ 二 六 五 billion in Hà Nội’s market. – VNS