Shares declined for a second day yesterday on the two national stock exchanges as traders stayed away to avoid losses before the market enters the seven-day Tet (Lunar New Year) holiday.

On the HCM Stock Exchange, the VN-Index edged down 0.14 per cent to close at 682.3 points. The southern market index decreased 0.2 per cent on Wednesday.

On the Ha Noi Stock Exchange, the HNX-Index lost 0.5 per cent to 82.9 points, expanding its two-day fall to 1.3 per cent.

The market condition was negative as the declining stocks overwhelmed the rising ones by 256-156 while another 292 codes remained flat.

Trading volume fell 12.5 per cent from the previous session, totalling 110.3 million shares over the two markets. The value of trades was unchanged at VND2.5 trillion (US$110.6 million).

“The market is under the strong influence of the upcoming Tet holiday,” said Tran Duc Anh, a stock analyst at Bao Viet Securities Co in a market report.

Anh said investors were withdrawing money from the market due to high cash demand for spending during the year-end holiday. At the same time, new investments were waiting for clear opportunities, resulting in quiet trade with low liquidity.

Average trading value decreased from over VND2.9 trillion in the two markets in December to around VND2.5 trillion in January. Trade has dropped more sharply towards the end of the month.

Large-cap stocks continued to see negative performance as 20 of the top 30 largest stocks by market capitalisation and liquidity lost value while only three advanced, including Vietinbank (CTG), Sacombank (STB) and multi-sector business Hoang Anh Gia Lai Group (HAG).

Ha Noi Beer Alcohol and Beverage JSC (Habeco) started its first trading day on the HCM Stock Exchange with the code BHN yesterday. Its price rose 5.5 per cent to settle at VND135,000 a share.

The biggest listed brewery Sabeco (SAB) closed flat at VND223,800 a share.

Big losers also included dairy giant Vinamilk (VNM), real estate developer VinGroup (VIC), Masan Group (MSN), Military Bank (MBB) and PV Gas (GAS).

Foreign investors returned as net buyers after two net selling sessions, picking up the net value of VND9 billion. They were responsible for total net sell value of VND41 billion in the last two trades. — VNS