Shares retreat after three-day rally (Illustrative image. Source: VNA) Thebenchmark VN Index on the HCM Stock Exchange dropped 0.18 percent to close at791.57 points. It had risen total 0.9 percent in the previous three sessions.
The HNX Index on the Hanoi Stock Exchangeretreated from a three-day increase of 1.4 percent. It inched down 0.12 percentto end at 102.28 points.
More than315.3 million shares were traded across the two local exchanges, worth 4.87trillion VND (216.7 million USD). August 8’s trading figures were almostunchanged in comparison with the previous day.
Listed companiessaw their stocks decline across all key sectors such as banks, financials,brokerages and energy firms as they were hit by investors’ profit-taking.
Among the nine listed banks, only shares ofVietcombank (VCB) and Bank for Investment and Development of Viet Nam (BID)advanced.
Insuranceand brokerage firms saw strong falls in the shares of Bao Minh Insurance (BMI),Vietnam National Reinsurance Corp (VNR), VNDirect Securities (VND), FPTSecurities (FTS), Sai Gon-Ha Noi Securities (SHS) and HCM City Securities (HCM).
Meanwhile,energy stocks such as PetroVietnam Technical Services (PVS) and PetroVietnamDrilling and Well Services (PVD) were pulled down as oil prices traded innegative territory across Asia markets.
Other sectors in which stocks declined sharply andweighed on the market included food and beverages, plastic production,pharmaceuticals, mining and seafood processing.
For example, shares of the two sugar producers,Bien Hoa Sugar (BHS) and Thanh Thanh Cong Tay Ninh (SBT) slumped 6.9 percenteach, hitting their daily fall limits.
Somesecurities companies have recently stopped lending margins on these two stocksas BHS is near its delisting day, which is on August 31.
August 8’sfalls on both local markets signaled that stocks were running out of gainingmomentum after two weeks and it was necessary for both indices to settle in theshort term, Vietnam Investment Securities Company (IVS) said in its dailyreport.
Investorsentiment has become unpredictable and it could have bad impacts on the stockmarket as the derivatives market would start operating on August 10 with thefirst two products being VN30 and HNX30 futures, luring investors’ attentionfrom local stocks, IVS said.
Negativetrading would be the main trend on August 9, IVS said, adding that the VN Indexwould decline sideways and remain around the level of 790 points.-VNA
Meanwhile,energy stocks such as PetroVietnam Technical Services (PVS) and PetroVietnamDrilling and Well Services (PVD) were pulled down as oil prices traded innegative territory across Asia markets.
Other sectors in which stocks declined sharply andweighed on the market included food and beverages, plastic production,pharmaceuticals, mining and seafood processing.
For example, shares of the two sugar producers,Bien Hoa Sugar (BHS) and Thanh Thanh Cong Tay Ninh (SBT) slumped 6.9 percenteach, hitting their daily fall limits.
Somesecurities companies have recently stopped lending margins on these two stocksas BHS is near its delisting day, which is on August 31.
August 8’sfalls on both local markets signaled that stocks were running out of gainingmomentum after two weeks and it was necessary for both indices to settle in theshort term, Vietnam Investment Securities Company (IVS) said in its dailyreport.
Investorsentiment has become unpredictable and it could have bad impacts on the stockmarket as the derivatives market would start operating on August 10 with thefirst two products being VN30 and HNX30 futures, luring investors’ attentionfrom local stocks, IVS said.
Negativetrading would be the main trend on August 9, IVS said, adding that the VN Indexwould decline sideways and remain around the level of 790 points.-VNA
VNA
