Shares declined on August 15 after a brief recovery in the previous session when a number of heavyweight shares sank into the red on fragile investor confidence (Photo: zing.vn)

Hanoi (VNS/VNA) - Shares declined on August 15 after a brief recovery in the previous session when a number of heavyweight shares sank into the red on fragile investor confidence.

The benchmark VN-Index on the HCM Stock Exchange went down 0.66 percent to close at 771.06 points. The southern market index increased 0.53 percent on August 14.

On the Hanoi Stock Exchange, the HNX-Index was down 0.2 percent to end at 101.3 points. The northern market index dropped 0.64 percent in the previous session.

The slump of large-cap stocks in the main bourse in HCM City negatively affected investor sentiment. Two-thirds of the top 30 largest shares by market value and liquidity on the HCM Stock Exchange lost value while only ten advanced.

Major market support such as banks, food-beverage, real estate and construction companies all tumbled.

Real estate firms recorded the biggest loss yesterday with an average decrease of 1.52 percent, data on vietstock.vn showed, with big names including VinGroup (VIC), Kinh Bac City Development (KBC), FLC Group (FLC), Phat Dat Real Estate Development (PRD) and Coteccons Construction (CTD).

Seven of nine listed lenders on the two exchanges slipped while only one picked up. The four largest banks by market value – Vietcombank (VCB), Vietinbank (CTG), BIDV (BID) and Military Bank (MBB) – fell between 0.9 percent and 2.4 percent each.

“Monday’s recovery with low liquidity was not a reliable signal that the market has returned to the uptrend,” Tran Duc Anh, a stock analyst at Bao Viet Securities Co, wrote in a note and predicted the market would continue to fluctuate in the coming session.

[Stock market sees 23 firms with over 1 billion USD]

According to Vietnam Investment Securities Company (IVS), the market was still suspicious with investors likely reacting negatively to sensitive information more than to positive information.

Investors will likely employ the strategy of buying and selling stocks quickly so high selling pressure always appears, IVS wrote in a market report and suggested short-term trading in this period.

Liquidity continued to decline with total market volume and value down 16.8 percent and 12.5 percent, respectively from the previous session, reaching 199.2 million shares worth nearly 3.5 trillion VND (154.2 million USD) traded in the two markets.

Foreign traders concluded as net sellers on the two exchanges on August 15 for a combined value of nearly 51 billion VND.-VNA