Markets fall on heavy profit-taking pressure

HA NOI – Continuous and heavy sell offs drove the VN-Index down 1.47 per cent to 453.82 points by mid-session today.

Nguyen Thien Quang, a veteran investor in HCM City, said the market would continue to slide after the Dow Jones' poor performance fuelled concerns about the banking sector.

"The market gained about 20 per cent profit, which is enough to bolster profit-seeking," Quang said.

Trading volume at the HCM City market was 32.7 million shares, totalling a turnover of VND777.5 billion (US$39.9 million).

Among 38 advancers, Masan Group (MSN) was the only blue chip, gaining 0.4 per cent.

The other blue chips fell, including ITA, down 0.6 per cent; PVF, down 0.8 per cent; SSI, down 1 per cent; and VIC, down 1.5 per cent.

The Ha Noi Stock Exchange slid for the second day as the HNX-Index receded 3.16 per cent to 131.38 points.

Volume stayed at 33.2 million shares, totalling a value of VND855.7 billion ($43.9 million). The number of decliners, totalling 225 shares, was five times higher than the advancers.

Nguyen Quang Viet, a market analyst at a HCM City-based securities firm, said market corrections would hinge on profit-hunting strategies and weak conditions on global markets.

"However, the correction is needed for a stable growth," he said. – VNS

To be updated