VN-Index drops below 630, as blue chips slide

Friday, Aug 05, 2016 12:41

Stocks slide on August 5 under the continuous fall of blue chips. — Photo

HA NOI (Biz Hub) – Shares fell again this morning after making a slight recovery on Thursday, as large-cap stocks continued to decline.

On the HCM Stock Exchange, the VN-Index lost 0.6 per cent to fall below 630 points, which is considered to be an indicator of strong resistance, showing investor pessimism in the market prospects.

On the Ha Noi Stock Exchange, the HNX-Index continued to slide for the fifth consecutive day, falling 0.4 per cent to close the morning session at 80.8 points.

Twenty-two stocks of the top 30 largest shares by market capitalisation lost value, including industry leaders such as property developer VinGroup (VIC), lender BIDV (BID), Vietcombank (VCB) and Masan Group (MSN), besides FLC Group (FLC).

Money focused on penny stocks as many in this group became most active this morning, such as Quang Nam Rubber Investment (VHG), Quang Binh Import and Export (QBS), Hoang Anh Gia Lai Agricultural (HNG) and Ha Noi – Kinh Bac Agriculture and Food, with two to four million shares being traded on each code. However, most of them dropped by more than six per cent under heavy selling pressure.

Liquidity was low, with nearly 86 million shares, worth a combined VND1.2 trillion (US$54 million), being traded on the two markets.

The afternoon session starts at 1pm. – VNS

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