Business

Large-cap stocks pull markets down

Vietnamese shares declined on both local markets on April 13 on low investor confidence as large-cap stocks turned into negative territory.
Large-cap stocks pull markets down ảnh 1Illustrative image (Photo: VNA)

Hanoi (VNA) - Vietnamese shares declined on both local markets on April 13 on low investor confidence as large-cap stocks turned into negative territory.

The benchmark VN Index on the HCM Stock Exchange dropped 0.3 percent to close at 578.02 points, ending a six-day rally of 4.3 percent.

The HNX Index on the Hanoi Stock Exchange was down 0.4 percent to finish at 80.23 points, extending losses for a second session.

“Both local markets declined as investor sentiment was affected from the decline of large-cap stocks, with 17 out of 30 largest stocks in the VN30 basket falling from their recent gains,” brokerage Bao Viet Securities Corp (BVSC) wrote in its daily report.

Dairy company Vinamilk (VNM) and steel producer Hoa Phat Group (HPG) fell after they made big gains in the previous sessions.

VNM was able to stay flat in the first two trading days of the week, but it fell 0.7 percent. The stock rose 6.7 percent last week after the company announced it would remove seven businesses from its profile in order to allow foreign investors to own more shares in the capital.

HPG pulled back by 1.9 percent from a three-day gain of 5.3 percent, after the company benefited from the latest anti-dumping tax imposed by the Government on imported steel products.

HCM City Infrastructure Investment JSC (CII) dropped 2.3 percent after it added 6.7 percent during the previous four trading days, while shipping company Gemadept Corp (GMD) retreated 1.3 percent from a three-day rally of 3.4 percent.

Sugar producer Thanh Thanh Cong Tay Ninh JSC (SBT) was down 0.6 percent from a two-day advance of 4.7 percent. SBT has surged 12.6 percent in the previous 10 sessions.

Banks also affected the markets, including Vietcombank (VCB), Eximbank (EIB), the Bank for Investment and Development of Vietnam (BID) and Asia Commercial Bank (ACB), BVSC said.

These stocks decreased by 0.5 percent, 1 percent, 2.5 percent and 1.1 percent, respectively.

Both local markets traded more than 192 million shares worth 2.92 trillion VND (129.7 million USD), a decrease of a quarter from April 12’s trading value.-VNA

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