Shares extend losses despite foreign net buyingFriday, April 19,2019
AsemconnectVietnam - Shares declined further on Thursday amid rising investor caution, but foreign investors took the chance to increase their holdings.
On the Ho Chi Minh Stock Exchange, the VN-Index decreased more than 1 per cent to close the session at 962.3 points. The southern market index lost 2.1 per cent in the last three sessions.
According to market insiders, selling pressure was increasing amid weak demand, which was reflected by low liquidity, showed rising investor caution.
Losers included big companies such as Saigon Securities Inc (SSI), PV Gas, PetroVietnam Drilling and Wells Service (PVD), PetroVietnam Technical Service (PVS),
Coteccons Construction (CTD), Vingroup (VIC) and Vinhomes (VHM).
“The market failed to recover due to strong selling pressure in midcap and penny. Short-term profit-seeking opportunities are shrinking very quickly,” said Khai Tran, a stock analyst at Viet Dragon Securities Co, in a daily report.
Their net buy value totalled about VND600 billion this week.
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