20/11/2016 10:29 GMT+7 Email Print Like 0

Shares dip on foreign offloading

Hanoi, November 19 (VNA) - Shares closed down on both national exchanges on November 18 as traders increased selling based on an uncertain market outlook, especially as foreign investors offloaded large-cap stocks.
The VN-Index, the measure of 315 stocks on the Ho Chi Minh Stock Exchange, was down 0.2 percent at 673.3 points, decreasing 0.9 percent for the week.
On the Hanoi Stock Exchange, the HNX-Index tracking 377 stocks declined 0.4 percent at 80.6 points, losing 0.7 percent since the beginning of the week.
Foreign investors continued to offload local shares. They were responsible for a combined net sell value of 170 billion VND (7.6 million USD) in the two markets during the day. Their total net sell value reached nearly 670 billion VND for the week.
“Share declines were broad-based and foreign traders also increased selling of large-cap stocks, which indicated that the market is exposed to higher risk than the slight decreases in stock indices,” stock analysts at BIDV Securities Co wrote in a report.
Of the top 30 largest shares by market capitalisation on the HCM City exchange, only eight advanced while 16 declined.
The overall market condition was also negative with 252 stocks declining, 163 advancing and 277 closing flat.
Low-priced stocks continued to attract investments as eight of the top 10 most heavily-traded stocks on the two exchanges had prices of below 10,000 VND a share. Construction and real estate companies saw the most sales, such as FLC Group (FLC), Tan Tao Investment and Industry (ITA), Sacomreal (SCR) and Vinaconex (VCG).
The two markets saw trading of 143 million shares worth nearly 2.6 trillion VND (58.2 million USD.
VNA/VNP