Vietnamese shares decline to one-month low
Shares extended losses on August 2 on the two exchanges as investors increased selling out on fears of further downward risks.
Shares extended losses on August 2 on the two exchanges as investors increased selling out on fears of further downward risks (Photo: kinhdoanh.net)Hanoi (VNA) – Shares extended losses on August 2 on the two exchanges as investors increased selling out on fears of further downward risks.
The benchmark VN-Index, the measure of 310 stocks on the HCM Stock Exchange declined 1.9 percent to a one-month low of 636.1 points. The Index has lost 3.2 percent over the last three days.
On the Hanoi Stock Exchange, the HNX-Index sank for second day, down 1.8 percent to end the session at 81.8 points.
Large-cap stocks continued to fall across the board.
Despite positive earnings reports, leading industry stocks like property developer VinGroup (VIC), dairy Vinamilk (VNM), private equity firm Masan Group (MSN), Vietcombank (VCB), lender BIDV (BID) and steelmaker Hoa Phat Group (HPG) all declined between 1 and 4 percent.
VinGroup on August 2 posted a net profit of over 2.9 trillion VND (130 million USD ), almost a four-fold year-on-year increase. However, its share price decreased 1 percent to close at 51,000 VND a share.
The market is seeing the deficiency of information this month after most companies have completed the disclosure of first-half earnings reports.
"While market leading stocks, including real estate, oil and gas and banks fail to provide impetus, I think the market can adjust downward in the short-term period," said Pham Thien Quang, head of equity research at the Military Securities Company.
The market is used to facing downward trends in August but performance is quite diverse for different groups.
Realty stocks attracted big money on August 2. Kinh Bac City Development Holdings (KBC) led trades in the HCM City's market with 10 million shares changing hands, followed by FLC Group (FLC) and Tan Tao Investment Industry Corp (ITA) with 8.7 million shares and 6.7 million shares exchanged, respectively.
Saigon Thuong Tin Real Estate Co (SCR), Tasco (HUT) and Vinaconex (VCG) were most active on Ha n oi's exchange with 2-4 million shares changing hands on each code.
Liquidity improved. The volume of trades soared 98.4 percent over August 2, totalling 250 million shares in the two markets, while the trading value jumped 55.7 percent to reach nearly 3.8 trillion VND.
Foreign investors were net buyers on August 2 , picking up shares worth a combined 70 billion VND on the two exchanges.-VNA
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