Large-caps suffer blue chip stocks
A large group of blue chip stocks declined on November 10, registering a 0.59 percent loss across large-cap shares and pulling the local market down.
Investors track stock fluctuations (Photo: VNA)Hanoi (VNA) - A large group of blue chip stocks declined on November 10, registering a 0.59 percent loss across large-cap shares and pulling the local market down.
On the HCM Stock Exchange, the benchmark VN-Index lost 0.88 percent to close at 605.27 points. On the Hanoi Stock exchange, the HNX-Index decreased 0.75 percent to 80.84 points.
The overall market condition was negative with 137 stocks advancing and 223 stocks declining. Stocks in 18 of a total 20 industries saw losses. Slight gains buoyed food&drink and household shares.
Large-cap shares were the biggest decliners and included giants like: PetroVietnam Gas Corporation (GAS) down 2.13 percent; JSC Bank For Investment and Development Of Vietnam down1.27 percent; Bank for Foreign Trade of Vietnam (VCB) down 1.63; and Vingroup Joint Stock Company (VIC) down 1.33 percent.
According to the daily Sai Gon Hanoi Securities Company report, VNIndex declined over the last three sessions under pressure to sell blue chip stocks due to investor wariness.
The report attributed the increased caution and selling activity to high levels of trading on margin and pressures in the forex market.
The report predicted that local shares would continue to decline as the possibility of a Fed rate hike in December continues to dampen investor mood.
Amid the general declines, a few companies performed well. Vinamilk, Vietnam's largest dairy producer as well as the biggest stock by market capitalisation, gained 0.79 percent to reach 128,000 VND (5.7 USD) on November 10.
A few automobile companies saw gains. Truong Long Auto & Technology Joint Stock Company gained 6.72 on November 9 and 6.99 percent on November 10 to close at 153,000 VND (6.8 USD).-VNA
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