Markets slip as blue chips stumble
Markets slip as blue chips stumble
Investors remained skeptical of share prospect, driving the market down further in yesterday afternoon's session.
On the HCM City Stock Exchange, the benchmark VN-Index gave up 2.49 points, or 0.51 per cent, to close at 487.35 points as losers outnumbered gainers by 111-78.
Large-cap shares that led Tuesday's rises on stock markets slumped yesterday, with the VN30, tracking the top 30 shares on the bourse, down 0.19 per cent at 543.95.
Vinamilk (VNM), Bao Viet Holdings (BVH), PV Gas (GAS), Vietcombank (VCB) and Hoa Phat Group were among losers with shares in each falling from 0.6 per cent to 2.3 per cent.
The trading value jumped about 50 per cent over the previous session, totaling more than VND1 trillion (US$48.1 million), while the volume of trades also increased 20 per cent 46 million shares.
Negotiated transactions accounted for around 30 per cent of the total market value, focusing on shares of VinGroup (VIC) with 2.9 million shares worth VND184 billion ($8.8 million) exchanged and Tan Tao Investment Industry Corp (ITA) with 2.7 million shares worth VND18 billion ($857,000).
Refrigeration Electrical Engineering (REE) led trades on the exchange, however, with almost 3.5 million shares changing hands at VND26,000 ($1.24) a share, up 3.2 per cent over Tuesday's close.
On the Ha Noi Stock Exchange, the HNX-Index was also off 0.21 per cent from yesterday to 63.07 points with the value of trades reaching just VND185 billion ($8.8 million).
The market condition was negative as decliners outnumbered advancers by 107-72 while up to 213 codes were unchanged.
Investment FLC Group (FLC) continued to be the most active code on trades of 8 million shares exchanged at VND6,500 a share.
According to many stock analysts, performance of several shares will likely decide on the market trend. They suggest investors not be too concerned with the index fluctuation but focus on several promising shares, which will likely report positive business results in the second quarter.
The State Securities Commission has approved the HCM City Stock Exchange to extend the trading time in the afternoon by 45 minutes, from 1pm to 3pm, from July 22.
The similar time extension will also be applied on the Ha Noi Stock Exchange from July 29.
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