Shares fall as blue chips slump

Monday, Aug 22, 2016 12:20

The VN Index fell 0.3 per cent in the early session as Vinamilk, Masan and Kinh Do went down on profit taking. — VNA/VNS Photo

HA NOI (Biz Hub) — Vietnamese shares fell in the early session, driven by large-cap stocks following their gains last week.

The benchmark VN Index on the HCM Stock Exchange dropped 0.3 per cent to close at 660.25 points.

Dairy firm Vinamilk (VNM), consumer goods producer Masan Group (MSN), and confectionery firm Kinh Do (KDC) retreated from the gains made last week.

VNM lost 1.4 per cent, MSN was down 1.5 per cent and KDC slumped three per cent.

These three companies had increased by 4.5 per cent, 11.6 per cent and 26.7 per cent, respectively, last week.

Investors were also worried about Hoang Anh Gia Lai JSC (HAG) after the corporation reported a loss of nearly VND1.1 trillion (US$47.8 million) in the first half of the year.

The Bank for Investment and Development of Viet Nam (BID) and property developer Vingroup JSC (VIC) also weighed on the market.

The minor HNX Index on the Ha Noi Stock Exchange inched down 0.1 per cent to touch 83.04 points.

Vicostone (VCS), Tien Phong Plastic JSC (NTP) and Asia Commercial Bank (ACB) were among the losers, falling by 0.6 per cent to 1.6 per cent.

Investors remained cautious, resulting in a low trading liquidity, with more than 75 million shares being exchanged, worth more than VND1.3 trillion. — VNS

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