15/04/2015 15:26 GMT+7 Email Print Like 0

Shares tumble despite foreign support

Hanoi, April 15 (VNA) - Strong buys by foreign investors failed to rescue the market from a fall on April 14 as weak trading continued to weigh on the two markets throughout the session.

On the Hochiminh Stock Exchange, the benchmark VN-Index edged down 0.16 percent to close at 558.67 points while the VN30, the tracker of the top 30 shares by market value and liquidity, dropped 0.43 percent to end at 587.24 points.

The foreign sector poured over 70 billion VND (3.2 million USD) in VN30 blue chips, accounting for 30 percent of total trading in this basket, but selling pressure by domestic investors still pushed them down.

"Up to 20 stocks in the VN30 basket closed lower. The market slump is unavoidable," analysts at FPT Securities Co wrote in a note.

In total, the foreign sector picked up shares worth nearly 297 billion VND (13.8 million USD) in the southern bourse on April 14, almost tripling the previous session's figure. However, their steady buys failed to ease domestic investors' precaution ahead of the first-quarter earnings reporting.

Liquidity was a little lower compared with the previous session with 69.5 million shares traded, worth a total 1.324 trillion VND (61.3 million USD).

"Low liquidity was a major concern of the market as it gauged risk appetites of investors. Without a steadily strong cash flow, the local exchange was forecast to stage sideway movements in the coming time," FPT Securities Co's analysts said.

On the Hanoi Stock Exchange, the HNX-Index lost 0.55 percent to finish the session at 82.20 points as the decliners more than doubled the advancers.

The trading volume continued to fall 20 percent from the previous session to reach over 35 million shares while value of trades also dropped 10 percent to 466 billion VND (21.6 million USD).

Foreign investors also concluded as net buyers here with a total value of 8.2 billion VND (379,600 USD) worth of shares.
VNA/VNP