Investors track trades on the HCM City-based Maybank KIM ENG Securities Co's trading floor (Photo: VNA) Hanoi (VNA) – Shares tumbled for the second day on November 3 as investors increased sales to avert downward risks caused by uncertainties on the global market.
On the HCM Stock Exchange, the VN-Index tracking 314 stocks decreased 0.6 percent to 667.6 points. It ended down 0.8 percent on November 2.
On the smaller Hanoi exchange, the HNX-Index measure of 379 stocks dropped 0.8 percent to close at 80.7 points. It decreased 1.2 percent in the previous trade.
The US Federal Reserve (Fed) on November 2 decided to keep the key interest rates unchanged following a two-day meeting, while West Texas Intermediate (WTI) oil dropped 2.9 percent to 45.34 USD per barrel, the lowest since September 28. The Brent crude oil also dipped 2.6 percent to 46.9 USD per barrel.
On the other end, the US presidential election has witnessed complicated developments.
“Vietnamese investors seemed to be more concerned about the US presidential election information rather than domestic issues,” stock analysts at Vietnam Investment Securities Co wrote in a note.
They reckoned the benchmark VN-Index retreat below the support level of 670 points would likely push up selling pressure. It also seems investors with highly leveraged trades will suffer.
Blue chips continued to lead the market downturn as 23 of the top 30 largest stocks by market capitalization lost value.
Some bucked the trend and cushioned the market in the end of the session, such as dairy producer Vinamilk (VNM), real estate giant VinGroup (VIC), lender BIDV (BID) and Mobile World Group (MWG).
Oil and gas stocks recovered despite the slump of global oil prices. PetroVietnam Drilling and Wells Service (PVD), PetroVietnam Technical Services (PVS) and PetroVietnam Drilling Mud (PVC) increased 2.2 percent, 2.4 percent and 1.7 percent, respectively.
Overall market conditions were negative when the number of falling stocks nearly tripled that of advancing ones.
A total of 169.3 million shares worth a combined 2.7 trillion VND (120 million USD) were exchanged in the two markets.
Foreign investors were net buyers on November 3 in the HCM City market after a brief net buying session a day earlier. They picked up shares worth a net buy value of 90 billion VND. However, they increased selling in the Hanoi’s market with a net sell value of 13.4 billion VND.-VNA
