After gaining for 10 consecutive sessions the VN-Index plunged 16.64 points to close at 964.96. There were 36 gainers and 47 losers.
The first session actually saw a buying frenzy which drove the index above the 1,000-point mark.
Analysts said there was massive selling in the last two sessions, pushing down the market.
On an eventful day, turnover was 551 billion VND (34mio US$) higher than the previous session, at 1.38 trillion VND (86mio US$).
But oil technical service company PVD saw big buying and hit the 5% upper ceiling. It gained 12,000 VND to close at 268,000 VND.
Other blue chips like IT developer FPT, confectionary maker KDC, dairy producer KDC, and refrigeration engineering firm REE all edged down.
Lam Dao Thao, a senior consultant at the Vietnamese Orient Commercial Joint Stock Bank, said the market might stabilize if listed firms announced good results for 2006. But poor results would cause a steep decline, he warned.
Source: Thanh Nien
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