Markets slide; HPG, VRE upbeat

Wednesday, Dec 05, 2018 12:02

Steady demand for a number of major stocks helped cushion the market during Wednesday’s morning trade. — Photo

Shares closed Wednesday’s morning session lower despite rising demand towards the end of the morning trade.

The VN-Index on the HCM Stock Exchange was down 0.26 per cent at 956.32 points.

On the Ha Noi Stock Exchange, the HNX-Index inched down 0.05 per cent at 107.34.

Both markets opened trade on a negative note which was in line with gloomy developments on the global markets due to concerns over world economic growth.

However, steady demand for a number of major stocks helped cushion the market.

Shares of Việt Nam’s local biggest steelmaker Hoa Phat Group (HPG) rose 1.45 per cent to reach VND35,100 (US$1.51) per share after its chairman Tran Dinh Long implied a possible purchase of the company’s shares.

The company estimates its 11-month profit at VND8.1 trillion ($347.6 million) and dividend payout of at least 30 per cent for next year.

Apart from HPG, shares of Vincom Retail (VRE), Petrolimex (PLX), Military Bank (MBB) and Binh Minh Plastics (BMP) gained between 0.5 to 1.2 per cent each.

Among losers, slumps of Vinamilk (VNM), brewer Sabeco (SAB) and Vietcombank (VCB) weighed on the market.

A total of more than 133 million shares worth VND2.8 trillion ($122 million) were traded on the two exchanges.

The afternoon trade starts at 1pm. – VNS

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