Thursday, April 27, 2017 - 23:40:47

Stocks down on global risks

VNA Print

Illustrative image (Source: VNA)
Hanoi (VNA) - Vietnamese shares on April 20 retreated from short gains as investors remained cautious of potential risks in the world market.

The benchmark VN Index on the HCM Stock Exchange fell 0.57 percent to close at 712.66 points, retreating from a gain of 0.8 percent in the previous two days.

The HNX Index on the Hanoi Stock Exchange dropped 0.73 percent to end at 88.47 points, extending a loss of 0.7 percent for a second day.

Market trading liquidity was modest with nearly 189 million shares traded, worth 3.62 trillion VND (161.2 million USD).

Large-cap stocks remained negative with nearly two-thirds of the 30 largest listed companies by market capitalisation in the VN30 Index declining.

Losing stocks included property developer Vingroup (VIC), dairy producer Vinamilk (VNM), brewer Sabeco (SAB), consumer goods producer Masan Group (MSN) and PetroVietnam Gas (GAS).

In industries, the realty sector performed worst with the fall of Hoang Quan Consulting-Trading-Service Real Estate Corporation (HQC), Phat Dat Real Estate Development Joint Stock Company (PDR) and Tan Tao Investment Industrial JSC (ITA).

Financial-banking firms also fared poorly. Among those companies, Bao Viet Holdings (BVH) lost 1.9 percent, Bao Minh Insurance Corp (BMI) dropped 0.5 percent, Vietcombank (VCB) declined by 1.4 percent and Saigon-Hanoi Bank (SHB) fell 2.7 percent.

Pressure also rose as foreign investors were net sellers for the first time in eight weeks, recording net sell value of 30.4 billion VND compared a net buy value of 104.2 billion VND on April 19.

April 20’s fall was proof of low investor confidence as the VN Index erased half of its two-day gains and a lack of trading orders pushed market liquidity to a five-week low, BIDV Securities Corp (BSC) said in a note.

Though the first-quarter performance of some listed companies is good and their stocks will move up in the short term, investors are still risk-averse due to fears of unstable global geopolitical conditions, BSC said.

In upcoming sessions, the VN Index is likely to fall further and short-term investors should hold their money and wait for better investment opportunities, BSC said.-VNA

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