Vietnamese shares slide on both markets
Vietnamese shares slid further on both local markets on April 28 for a second day as investors continued to look for profits in recently-gaining stocks.
An investor follows trading at ACB Securities (Photo: VNS/VNA)The benchmark VN Index fell 0.4 percent to close at 591.67 points, extending a two-day decline of 1.1 percent, and the HNX Index on the Hanoi Stock Exchange was slightly down to end at 80.25 points, dropping a total of 0.9 percent in the last two sessions.
The property sector continued to weigh on the markets, led by FLC Group (FLC), Nam Bay Bay Investment Corp (NBB) and Vingroup JSC (VIC).
FLC declined by 1.4 percent after it surged 9.4 percent in the previous two sessions while VIC fell 1.9 percent.
NBB was down 0.6 percent after the company announced its revenue in the first quarter of this year slipped nearly three quarters to 10.5 billion VND (467,000 USD) from last year’s number.
The two biggest firms in the agriculture sector, Hoang Anh Gia Lai JSC (HAG) and HAGL Agricultural JSC (HNG), began to fall after they made gains in the previous sessions.
HAG was down 1.2 percent from a five-day jump of 19.4 percent and HNG struggled to stay flat after rising one-fifth in the previous four days.
Local banks and brokerage companies also saw declines.
The banking sector was led down by Asia Commercial Bank (ACB), the Bank for Investment and Development of Vietnam (BID), and Vietinbank (CTG). These stocks fell between 0.6 percent and 2.9 percent.
Brokerage firms that made losses on April 28 included Saigon Securities Inc (SSI), HCM City Securities Corp (HCM) and Saigon-Hanoi Securities Corp (SHS).
On the opposite side, other blue chips also helped lift the markets such as software retailer FPT Corp (FPT), PetroVietnam Gas Corp (GAS), Vietcombank (VCB) and BIDV Insurance Corp (BIC).
FPT was up 1.5 percent, GAS rose 1 percent, VCB edged up 0.4 percent and BIC advanced 1.9 percent.
Market liquidity dropped sharply from April 27 in both trading volume and value ahead of the national holiday this week, local media reported.
The two local bourses exchanged nearly 141 million shares worth 2.38 trillion VND (106 million USD), a decrease of one-third from April 27’s trading value.-VNA
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