VN shares decline after two-day rise
Shares moved down yesterday after a two-day rise as large-cap stocks sank on the two markets.
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| Shares moved down yesterday after a two-day rise as large-cap stocks sank on the two markets. — Photo chungkhoanviet.info |
The benchmark VN-Index, the measure of 312 stocks on the HCM Stock Exchange, was down 0.4 per cent to close at 686.4 points. It rose 1.2 per cent in the previous two trades.
On the smaller exchange in Ha Noi, the HNX-Index tracking 379 stocks lost 0.5 per cent to end at 85.1 points. The Index gained over 0.6 per cent in the previous two sessions.
Large-cap stocks lost their upward momentum, pulling down the stock indices.
Eighteen of the top 30 largest shares by market capitalisation lost value, including the highest valued stocks such as dairy giant Vinamilk (VNM), real estate developer VinGroup (VIC), insurer Bao Viet Holdings (BVH), Vietinbank (CTG), lender BIDV (BID), PV Gas (GAS), software producer FPT Corp (FPT), steelmakers Hoa Phat Group (HPG) and Hoa Sen Group (HSG). Real estate companies bucked the trend as popular realty stocks like FLC Group (FLC), HCM City Infrastructure Investment (CII), Kinh Bac City Development (KBC) and Duc Long Gia Lai Co (DLG) gained between 0.8 per cent and 4.1 per cent.
The overall market condition was negative, with 260 of total 692 stocks declining and 179 advancing.
Liquidity decreased. A total of 169.5 million shares worth a combined VND2.9 trillion (US$129.7 million) were traded in the two markets, down 15 per cent in volume and 19.4 per cent in value from the previous session's figures.
Unusual trade in shares of the real estate giant VinGroup (VIC) continued to attract investor attention. Nearly nine million VIC shares worth VND385.7 billion changed hands yesterday through negotiation, lifting total trading value through the negotiation method on this stock to more than VND1.8 trillion. Its share prices were down 1.1 per cent to close at VND43,300 a share.
"The market trend is unclear in this period when stocks are still in the value accumulation phase. The market will be exposed to the downward risk if big stocks decline," analysts at BIDV Securities Co wrote. They said irregular adjustment could occur in the range of 680-690 points.
Foreign investors returned to be net sellers in the two markets yesterday. They offloaded shares worth a total net value of VND31.5 billion and were responsible for a net buy value of VND45.6 billion on Wednesday. — VNS
