Business

Blue chips undercut market again

Shares widened their losses on the afternoon of July 31 as blue chips fell on rising precaution about the market outlook.
Blue chips undercut market again ảnh 1Data is updated at the Ocean Securities Company (Photo:VNA)

Shares widened their losses on the afternoon of July 31 as blue chips fell on rising precaution about the market outlook. 

"Investors preferred standing on the defensive line when the market outlook was unclear to protect their portfolios," analysts of FPT Securities Co said on the company's website. 

On the HCM Stock Exchange, the VN-Index lost 0.88 per cent to close the session at 621.06 points. 

Blue chips led the downturn as banks, insurers, oil and gas shares - market drivers in previous rallies - all tumbled. 

Vietcombank (VCB), the biggest stock in terms of market value, dropped 2.2 percent while other banks like Military Bank (MBB), Eximbank (EIB), Vietinbank (CTG) and BIDV (BID) lost between 0.6-1.5 percent in value. 

Insurers took a steeper dive. Bao Viet Holdings (BVH) declined 4.6 percent. Bao Minh Insurance (BMI) and BIDV Insurance (BIC) tumbled 1.8 and 3.5 percent respectively. 

The VN30, which tracks the top 30 shares, fell 0.67 percent to end at 647.36 points. 

Overall, the market condition was negative with 94 shares rising, 120 decreasing and 92 unchanged. 

Liquidity continued to slide as both market volume and value dropped 10 per cent from Thursday, ending with 113 million shares worth 2.1 trillion VND (96.3 million USD). 

HCM City Infrastructure Investment Co (CII) led in market volume with 7 million shares traded, but its price declined 1.14 per cent to settle at 26,000 VND (1.19 USD). 

On the Hanoi Stock Exchange, the HNX-Index fell 0.79 per cent to finish the day at 85.13 points. Advancers outnumbered decliners by 102 to 76 and 180 shares finished flat. 

Trading volume was little changed at 35.5 million shares but value of trades declined 10 per cent to reach 450 billion VND (20.6 million USD). 

The two most active stocks - FIT Invesment Co (FIT) and Kim Vi Inox Import Export Prodution (KVC) - reported trades of over 3 million shares on July 31, but with declining values by 1.63 percent and 0.38 percent respectively. 

Foreigners' stronger buys failed to lift the market. They were responsible for a combined net buy value of 57 billion VND (26 million USD) worth of shares in the two markets on July 31.-VNA

#blue chips #FPT Securities #VN-Index #HCM Stock Exchange #VCB #stock
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