Indices fall on waning momentum

Shares lost momentum after the morning session, with most indices declining.
Shares lost momentum after the morning session, with most indices declining.

On the Hochiminh Stock Exchange, the VN-Index fell 0.08 percent to close at 602.12 points. The VN30 Index, representing the 30 largest stocks in terms of capitalisation and liquidity, managed to add 0.02 percent to close at 642.90 points.

The total value of transactions was 2.9 trillion VND (136.7 million USD) on volume of 138.8 million shares.

Many influential stocks such as PetroVietnam Gas (GAS), Military Bank (MBB), Masan Group (MSN), Mobile World (MWG) and Vinamilk (VNM) failed to advance. However, liquidity improved and a series of large- and mid-cap stocks continued to rally, preventing the VN-Index from falling too fast.

The fluctuations were not large, while liquidity remained relatively stable, leading FPT Securities Co's analysts to predict that the index would continue to move around 600 points. They recommended that in the short term, investors consider buying shares with supportive information.

"Meanwhile, the long-term prospects are positive," they added. "A deep falling session will be the right time for long-term investors to buy."

On the Hanoi Stock Exchange, the benchmark HNX-Index also fell 0.04 percent to 89.51 points. Over 68 million shares changed hands as trading value hit 989.2 billion VND (46.6 million USD).

As on the southern bourse, blue chips helped the HNX30 Index gain 0.27 percent to close at 180.62 points.

Foreign investors sold 53.3 billion VND (2.5 million USD) on both exchanges, focusing on MSN, Vietcombank (VCB), steelmakers Hoa Sen (HSG) and Hoa Phat (HPG), property developer Vingroup (VIC), Vietnam Investment Securities (IVS) and Drilling Mud Corporation (PVC).-VNA

See more