Shares slide in morning session

Thursday, Jun 27, 2019 12:16

A PetroVietnam Fertiliser & Chemicals Corp factory in Bà Rịa-Vũng Tàu Province. Shares of the company lost 4.2 per cent on Thursday morning. — Photo

Shares declined on both Vietnamese exchanges during the morning trading session on Thursday as major heavyweight stocks failed to support the market.

On the Ho Chi Minh Stock Exchange, the VN-Index closed the morning down 0.46 per cent at 954.76 points.

On the Ha Noi Stock Exchange, the HNX-Index decreased 0.56 per cent to end at 103.37 points.

Both stock indices also declined on Wednesday.

Liquidity was modest on Thursday morning with nearly 75 million shares worth more than VND1.4 trillion (US$60 million) traded on the two markets.

Most large-cap stocks lost value and weighed down the market. Only five of the top 30 listed firms by market value and liquidity advanced while 21 declined.

PetroVietnam Fertiliser & Chemicals (DPM) was one of the biggest losers, slipping 4.2 per cent. Steelmaker Hoa Phat Group (HPG), Vietcombank (VCB), Vinhomes (VHM), Vietnam Prosperity Bank (VPB) and Vincom Retail (VRE) all lost more than 1 per cent.

The news that Morgan Stanley Capital International (MSCI) decided not to include Việt Nam in its watchlist for potential reclassification as an emerging market continued to have a negative impact on investor sentiment.

Meanwhile, after rallying on Wednesday thanks to the EU's decision to sign the EU-Viet Nam Free Trade Agreement (EVFTA) and the EU-Viet Nam Investment Protection Agreement (EVIPA), many textile and seafood shares reversed course on Thursday.

Thanh Cong Textile Garment Investment (TCM), TDT Investment Development (TDT), TNG Investment and Trading (TNG) and Saigon Garmex Manufacturing Trade (GMC) lost between 1 and 2 per cent each. Big seafood firms such as Vinh Hoan Corp (VHC), An Giang Import Export (AGM) and Ben Tre Aquaproduct Import Export (ABT) also declined.

The afternoon trading session starts at 1pm. — VNS

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