Low investor confidence weighs on market

Tuesday, Oct 25, 2016 12:40

Vietnamese shares continued to slide this morning as pressure from investors' selling pushed large-cap stocks down further. - Photo Vietnamplus

HA NOI (Biz Hub) – Shares slid further this morning on the two local exchanges as large-cap stocks continued to suffer from strong selling by investors.

The benchmark VN Index on the HCM Stock Exchange recovered from an early loss to end at 675.30 points, down 0.4 per cent from Monday.

The HNX Index on the Ha Noi Stock Exchange fell 0.5 per cent to close at 82.49 points.

Investors increased their selling as confidence remained low this morning, putting strong pressure on blue chips amid concerns over a December US interest rate hike.

In the banking sector, none of the nine listed banks advanced, with the largest ones, such as Vietcombank (VCB), Bank for Investment and Development of Viet Nam (BID) and Sai Gon-Ha Noi Bank (SHB), losing between 1.2 per cent and 1.7 per cent each.

Among brokerage firms, HCM Securities Corp (HCM) and Sai Gon Securities Inc (SSI) closed unchanged, while MB Securities Corp (MBS), Sai Gon-Ha Noi Securities Corp (SHS) and VNDirect Securities Corp (VND) declined.

Masan Group (MSN), the largest consumer goods producer, dropped another 2.7 per cent this morning.

The real estate industry also declined, driven by Vingroup JSC (VIC), Phat Dat Real Estate JSC (PDR) and Kinh Bac City Share Holding Corp (KBC).

On the bright side, the third-quarter earnings reports released on Monday helped dairy firm Vinamilk (VNM) and information technology firm FPT Corp (FPT) advance.

Nearly 91 million shares were exchanged this morning, worth nearly VND1.46 trillion (US$64.8 million). – VNS

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