Shares plunged on Wednesday on both national stock exchanges, dragging the indices down from six-month highs as investors sold to realise profit on the back of steep global slumps.
On the HCM City Stock Exchange, the VN-Index lost 0.2 per cent to close the day's trades at 548.01. Trading volume declined slightly to 85.7 million shares, worth a combined VND3.25 trillion (US$171 million).
The index had surpassed the 550 resistance mark to reach 552 points, but profit-taking caused 52 per cent of codes to lose value.
Bank shares tumbled yesterday after Tuesday's gains with Eximbank (EIB), Sacombank (STB), Vietcombank (VCB) and Vietinbank (CTG) reporting losses, but several large caps snapped to ceiling prices, including PetroVietnam Finance (PVF), PetroVietnam Transportation (PVT) and Masan Group (MSN).
Penny stocks continued to perform well, such as Housing Viet Nam Company (NVN), Post and Telecommunications Investment and Construction Company (PTC), Sao Mai Construction Corporation (ASM).
On the Ha Noi Stock Exchange, the HNX-Index declined by 0.6 per cent to 183.21 while trading value rose by 40 per cent to over 62.3 million shares for a brisk combined value of VND2 trillion ($105.3 million). Losers outnumbered gainers by 147-123. Among the 70 codes closing at the highest intraday prices, many were penny stocks such as Ha Noi Milk Company (HNM), Hai Phong Petrolimex Transportation and Services Company (PTS), Cotec Investment Land-House Development Company (CIC) and Vinaconex shares such as V11, V12. V15 and V21.
Most of blue-chips fell yesterday, including Asia Commercial Bank (ACB), Kim Long Securities Company (KLS), Vinaconex (VCG), PetroVietnam Technical Services Corporation (PVS).
PetroVietnam Construction (PVX), meanwhile, closed up and was the most active share on the bourse with nearly 9.9 million units changing hands.
Though many analysts agreed yesterday's correction was predictable after a long and continuous rise, they believed the market was likely to rise in the medium to long term.
"The fact the index is down is not important when we look at the high trading volumes and values on both bourses," said independent analyst Pham Viet Hung.
Capital would likely continue to flow into the stock market in May judging by the high corporate earnings, favourable economic data and lowering lending rates, Viet Capital Securities head analyst Hoang Thi Hoa said.