Stocks slide on August 5 under the continuous fall of blue chips (Source: cafef.vn)
Hanoi (VNA) - Shares retreated to a one-month low again on August 5 as inves✱tors continued to sell shares on fears of furt🔯her declines.
The benchmark VN-Index, the measure of 310 stocks on the Ho Chi Minh Stock Exchange gave up 0.7 percent to fall to 627.4 points. The Index dropping below 630 points is considered an indicator of strong resistance showing investor pessimism in the market’s prospects.
The HNX-Index tracking 379 stocks on the Hanoi Stock Exchange sank for the fifth consecutive day, inching down 0.1 percent to close the session at 81.1 points.
Out of a total 689 stocks, 21.5 percent advanced while 37.2 percent declined.
Large-cap stocks continued to be the drag on the market as five of the top 10 largest stocks by market capitalization lost value, including real estate giant VinGroup (VIC) down 6 percent, Vietcombank (VCB) down 2 percent, lenders BIDV (BID) and Vietinbank (CTG) both down 1.2 percent, and private equity firm Masan Group (MSN) down 0.8 percent.
A slight recovery by dairy firm Vinamilk (VNM), insurer Bao Viet Holdings (BVH) and software producer FPT Group (FPT) helped cushion the market.
“The market was very volatile with strong fluctuations during the trading session,” stock analysts at Sai Gon-Hanoi Securities Co wrote in a report.
They predicted the market would continue to be negative in the short-term period and the VN-Index could move around 620-640 points in the next two weeks.
Foreign trades were also negative during the day as they concluded as net sellers in the HCM City’s market, responsible for a net sell value of 15.2 billion VND. Shares of VinGroup, Masan Group and Vietcombank were sold most heavily with a net value of nearly 34 billion VND, 19 billion VND and 12.4 billion VND, respectively.
By contrast, foreigners maintained their buys on the Hanoi’s exchange, picking up 1.6 million shares worth a combined net value of nearly 27 billion VND.
Liquidity improved slightly with almost 168 million shares worth a combined 2.6 trillion VND (117 million USD) being traded on the two exchanges, up 10 percent in volume and 8 percent in value compared with the previous day’s figures.
Multi-sector company Hoang Anh Gia Lai Group (HAG) was the most active stock nationwide on the day with trades of 7.4 million shares but its share price dived 5.6 percent to close at 5,100 VND a share.-VNA
Shares declined on August 1 on the two exchanges as investors sold large-cap stocks to earn short profits after the earnings prospect runs out of steam.
Shares declined for four days in a row on August 3, dragging the benchmark VN-Index to a one-month low as blue chips maintained their downward trend and global oil prices continued to dwindle.
Shares lost most of the value gained in morning session on August 4 as increased investor selling in the afternoon eroded confidence in the ongoing rally.
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Stocks slide on August 5 under the continuous fall of blue chips (Source: cafef.vn)
