Shares declined on August 15 after a brief recovery in the previous session when a number of heavyweight shares sank into the red on fragile investor confidence (Photo: zing.vn) Hanoi (VNS/VNA) - Shares declined on August 15 after abrief recovery in the previous session when a number of heavyweight shares sankinto the red on fragile investor confidence.
The benchmark VN-Index on the HCM Stock Exchange went down 0.66 percentto close at 771.06 points. The southern market index increased 0.53 percent on August14.
On the Hanoi Stock Exchange, the HNX-Index was down 0.2 percent toend at 101.3 points. The northern market index dropped 0.64 percent in the previoussession.
The slump of large-cap stocks in the main bourse in HCM Citynegatively affected investor sentiment. Two-thirds of the top 30 largest sharesby market value and liquidity on the HCM Stock Exchange lost value while onlyten advanced.
Major market support such as banks, food-beverage, real estate andconstruction companies all tumbled.
Real estate firms recorded the biggest loss yesterday with anaverage decrease of 1.52 percent, data on vietstock.vn showed, with big namesincluding VinGroup (VIC), Kinh Bac City Development (KBC), FLC Group (FLC),Phat Dat Real Estate Development (PRD) and Coteccons Construction (CTD).
Seven of nine listed lenders on the two exchanges slipped whileonly one picked up. The four largest banks by market value – Vietcombank (VCB),Vietinbank (CTG), BIDV (BID) and Military Bank (MBB) – fell between 0.9 percentand 2.4 percent each.
“Monday’s recovery with low liquidity was not a reliable signalthat the market has returned to the uptrend,” Tran Duc Anh, a stock analyst atBao Viet Securities Co, wrote in a note and predicted the market would continueto fluctuate in the coming session.
[Stock market sees 23 firms with over 1 billion USD]
According to Vietnam Investment Securities Company (IVS), themarket was still suspicious with investors likely reacting negatively tosensitive information more than to positive information.
Investors will likely employ the strategy of buying and sellingstocks quickly so high selling pressure always appears, IVS wrote in a marketreport and suggested short-term trading in this period.
Liquidity continued to decline with total market volume and valuedown 16.8 percent and 12.5 percent, respectively from the previous session,reaching 199.2 million shares worth nearly 3.5 trillion VND (154.2 million USD)traded in the two markets.
Foreign traders concluded as net sellers on the two exchanges onAugust 15 for a combined value of nearly 51 billion VND.-VNA
VNA
