Shares stepped back from morning trade on the HCM Stock Exchange on April 13 as selling pressure increased in large-cap stocks on fears of a steeper correction.
Hanoi (VNA) - Shares stepped back from morning trade on the HCM StockExchange on April 13 as selling pressure increased in large-cap stocks on fearsof a steeper correction.
Thebenchmark VN-Index sank for a second day, down 0.17 percent to close at 724.35points. The southern market index decreased nearly 0.8 percent in the previoussession.
Nineteenstocks in the VN30 basket that tracks the 30 largest shares by market value andliquidity declined, and only nine advanced. The biggest draggers includedVinamilk (VNM), PV Gas (GAS) and Sacombank (STB), of which Sacombank dropped bythe daily limit of 7 percent.
Sharesof this lender have lost nearly 10 percent since April 7 after NovalandInvestment Group (NVL) announced it would not participate in Sacombank’srestructuring scheme as planned previously.
Restructuringof Sacombank whose bad debt ratio stood at 5.53 percent at the end of 2016,nearly twice the rate of 3 percent allowed by the central bank, is forecast tobe a difficult task which requires money, time and transparency.
TheState Securities Commission has approved the bank’s request to postpone thesubmission of its 2016 financial report. It will hold its annual shareholders’meeting on April 28.
Dramaticincreases of selling pressure in the second half of the afternoon session,especially in leading stocks, caused the VN-Index to drop in the final tradingminutes.
“Thisis negative signal for the overall market,” said Tran Duc Anh, a stock analystat Bao Viet Securities Co.
Hepredicted that market indices were likely to decline on the back of divergentcash flows.
Speculativestocks, such as FLC Group (FLC), Tan Tao Investment Industry (ITA) andagribusiness Hoang Anh Gia Lai Co (HAG) and Hoang Anh Gia Lai AgriculturalInvestment (HNG), continued their downward spiral.
SaigonSecurities Inc’s retail research said speculative stocks were under heavyselling pressure as they were on the list of stocks using high margin lendingof securities companies. Prices of these stocks have increased substantiallythis year, which prompted profit taking.
Onthe positive side, recovery of real estate developer VinGroup (VIC), insurer BaoViet Holdings (BVH), brewery Sabeco (SAB), Mobile World Group (MWG) andMilitary Bank (MBB) supported the market.
Onthe Hanoi Stock Exchange, the HNX-Index maintained a modest rise of 0.13 percentand closed the trade at 90.03 points.
Liquidityremained positive with 242 million shares worth a combined 4.7 trillion VND (206million USD) traded in the two markets.-VNA
Shares will continue to rise this week as investor sentiment remains positive, analysts said, driven by expectations that good earnings reports will be released in the “shareholder meeting season.”
Shares grew at a slower pace on April 11 on the two stock exchanges as investors displayed caution ahead of the annual shareholder meetings of big companies this month.
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Workers check gas pipe system (Photo: VNA) 
