VN stocks retreat from early growth on risk fears

Tuesday, May 07, 2019 12:22

VN stocks trimmed early gains as investors showed concerns about potential risks that may arise from international markets. - Photo

Vietnamese shares gave up their early gains as investors began seeking intraday profits to shield pockets from potential risks on international markets.

The benchmark VN-Index on the Ho Chi Minh Stock Exchange narrowed its growth from as high as 0.8 per cent to only 0.03 per cent, ending Tuesday morning at 958.30 points.

The VN-Index fell 1.66 per cent on Monday.

The HNX-Index on the Ha Noi Stock Exchange edged up 0.24 per cent to close at 105.67 points, rebounding from its 1.36 per cent decline on Monday.

Market liquidity was modest with more than 82.7 million shares being traded on the two local exchanges, worth VND1.58 trillion (US$68 million).

The market breadth was slightly negative with 183 gaining stocks and 196 decliners.

The stock market recovered after having been struck by poor market sentiment on Monday following statements by the US and China that seemed likely to escalate trade tensions between the world's two largest economies.

Leading the Vietnamese stock market on Tuesday morning was insurance sector, which was driven by Bao Viet Holdings (BVH).

The company shares jumped 4 per cent after they had tumbled a total of 21 per cent since April 24.

Other sectors that also recovered included petroleum, food and drinks, retail and agriculture.

However, increased selling towards the end of the morning session due to investors’ concerns about potential risks brought by the volatility of international markets dragged indices down from their intraday highs.

Among sectors that declined were securities, banking and technology.

The afternoon trading session starts at 1pm. – VNS

Comments (0)