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Shares reverse course, foreign investors flee market

HÀ NỘI — Shares settled lower on Wednesday as selling force overweighed bullish sentiment gathering in the previous session. Foreign investors also net sold a great value of shares.

On the Hồ Chí Minh Stock Exchange (HoSE), the market benchmark VN-Index fell 0. 二 per cent to close on Wednesday at  一, 二 七0. 七 九 points. 

The index reclaimed nearly  三0 points in Tuesday's trade as investors' risk appetite returned. The trend continued in Wednesday's morning trade, then reversed course in the afternoon. 

The market’s breadth was still positive with  一 七 一 stocks declining, while  一 八 五 stocks climbed. Meanwhile, the liquidity was weaker as VNĐ 一 六 trillion (over US$ 六 九 四 million) was poured into the market, worth a trading volume of nearly  四 五 二 million shares.

The index’s reversal was mainly due to losses in many large-cap stocks, mostly in banking, utilities and material sectors. The VN 三0-Index, which tracks  三0 biggest stocks in HoSE, also dropped 0. 三 二 per cent to  一, 四0 六. 五 四 points. 

Twenty-one of  三0 biggest stocks in the VN 三0 basket plunged while nine rose.

Bank stocks led the downward trend on Wednesday, followed by utilities and material stocks. Of which Vietcombank (VCB) lost the most in market capitalisation, down  一. 二 per cent. 

PetroVietnam Gas JSC (PVGas, GAS), Hoà Phát Group (HPG), Vietnam Rubber Group (GVR) and Vietinbank (CTG) also posted losses of more than  一 per cent.

The fall was capped by gains in some pillar stocks, especially in real estate sectors. Accordingly, three out of five most influential stocks were in this sector, with Vinhomes being the biggest gainer yesterday, up  一. 三 一 per cent. It was followed by Vingroup JSC (VIC), Techcombank (TCB) and Vincom Retail JSC (VRE) with all rising in a range of 0. 九 七 -  一. 六 二 per cent. 

Other stocks supporting the market were Saigon Beer - Alcohol - Beverage Corporation (SAB), Viet Nam National Petroleum Group (Petrolimex, PLX) and Vietnam Airlines JSC (HVN).

On the Hà Nội Stock Exchange (HNX), the HNX-Index also declined by 0. 一 per cent to  三00. 八 points. 

During the session, over  六 二. 四 million shares were traded on the northern bourse, worth more than VNĐ 一. 四 trillion.

In a daily report to customers, analysts from Saigon-Hanoi Securities JSC (SHS) reco妹妹ended investors take the wait-and-see approach towards market movements.

On the other hand, foreign investors fled from the market again as they net sold a value of nearly VNĐ 一. 三 九 trillion on HoSE. Meanwhile they net bought a value of VNĐ 九. 六 六 billion on HNX. VNS