Cap slump drags down markets
Cap slump drags down markets
Shares tumbled Friday morning on both Vietnamese stock exchanges as major stocks slumped under selling pressure.
On the Ho Chi Minh Stock Exchange, the VN-Index fell 0.79 per cent to 1,015.52 points.
On the Ha Noi Stock Exchange, the HNX-Index decreased 0.45 per cent to 115.74 points.
Only 160 stocks gained value while 247 declined. 338 others remained unchanged.
Large-cap stocks – particularly financial and oil and gas stocks – were the main drag.
Seven of 13 listed banks lost and only three gained. Big banks such as Vietinbank, BIDV, Techcombank and VPBank all slumped.
Major oil and gas companies including PV Gas, Petrolimex, PetroVietnam Drilling and Wells Service and PetroVietnam Drilling Mud decreased by between one and four per cent.
Even the biggest heavyweights like Vinamilk, Masan Group and Vingroup were among the losers.
A few gainers cushioned the market including Vinhomes, Vietcombank, DHG Pharmaceutical, logistics firm Gemadept and steelmaker Hoa Sen Group.
A total of 149 million shares worth a combined VND 3.5 trillion (US $149 million) were traded in the two markets.
The afternoon trading session starts at 1pm.
