Shares decrease on foreign sells
Shares sank for a third day on the two national stock exchanges on Novemeber 28 as foreign investors continued to offload local shares, raising concerns about a capital flight from the market.
Investors register trade at ACB Securities trading floor. (Source: VNA)The benchmark VN-Index, the measure of 317 stocks on the HCM Stock Exchange, decreased 1.6 percent to close at 665.3 points. It lost a cumulative 2.7 percent in the last three sessions.
On the Hanoi Stock Exchange, the HNX-Index tracking 374 stocks dipped 1.1 percent to 80.1 points. The Index lost 1.6 percent in the last three trades.
Market breadth was negative with 294 of total 691 stocks down and only 123 advancing.
Large-cap stocks were the main drag as the top 10 lost value. Of the top 30 largest shares by market capitalisation and liquidity, only two advanced while 25 declined.
The biggest listed stock Vinamilk (VNM) was down 4 percent to end at 129,200 VND (5.74 USD), pulled down by heavy foreign sells. Vinamilk topped the foreigners’ most-sold list with a net value of nearly 230 billion VND, lifting the seven-day net sell value to 893.5 billion VND.
Unexpected selling of Vinamilk by foreign investors affected domestic investor psychology and rattled the market, analysts at the brokerage department of Vietstock Finance wrote in a daily report.
Foreign traders extended their sells on the HCM Stock Exchange to eight days in a row with a total value of over VNĐ1.4 trillion. They focused on offloading large-cap shares such as Vinamilk, VinGroup (VIC), Masan Group (MSN), Bao Viet Holdings (BVH), Hoa Phat Group (HPG) and Saigon Securities Inc (SSI).
Masan Group plunged 5.9 percent and Bao Viet Holdings declined 4 percent.
The foreign sector was also a net seller in the Hanoi market for a value of 16.4 billion VND and a combined net sell of 10 billion VND last week.
“Short-term risks can return if there is no support factors perking up demand this week,” analysts at FPT Securities Co wrote in a note.
Liquidity increased with over 171 million shares worth a combined 3.3 trillion VND (146.7 million USD) traded in the two markets, up 12.3 percent in volume and 22.2 percent in value compared to the daily average of last week.-VNA
You should also see
PM expresses gratitude to contributors to Dien Bien Phu Victory
Prime Minister Pham Minh Chinh paid homage to General Vo Nguyen Giap and met with families of soldiers fighting in the Dien Bien Phu Campaign and policy beneficiaries in Muong Phang commune of Dien Bien Phu city, the northwestern province of Dien Bien, on April 16.
See more
Business
Deputy PM receives former UK PM Tony Blair
Deputy Prime Minister Le Minh Khai received Tony Blair, former UK Prime Minister and Executive Chairman of the Tony Blair Institute for Global Change (TBI), in Hanoi on April 16.
Business
Vietnam has opportunities to attract, develop the offshoring market
Vietnam is an attractive choice for businesses who are looking for outsource solutions, given its affordable workforce, highly skilled human resources and the constantly developing infrastructure of information technology and the telecommunications industry, said real estate consultancy firm Knight Frank in its report Asia-Pacific Horizon: Harnessing the Potential of Offshoring.
Business
Long An hosts meeting to help RoK businesses solve difficulties
The People’s Committee of the southern province of Long An on April 16 held a dialogue with enterprises from the Republic of Korea (RoK) to help them deal with difficulties and obstacles when doing business in the locality.
Society
Int’l media highlights Tim Cook’s visit to Vietnam
CEO of US-based tech giant Apple, Tim Cook, is paying a two-day visit to Vietnam, starting on April 15. The event has become a highlight of the international media.
Business
US dollar continues gaining against Vietnamese dong, hitting exchange ceiling
The US dollar has continued to strengthen against the Vietnamese dong (VND) as the exchange rate hit the ceiling limit across commercial banks on April 16 morning.
