Confidence issues cause shares to subside on both exchanges
Confidence issues cause shares to subside on both exchanges
Shares closed yesterday's session in the red on both exchanges due to mounting investor pessimism.
On the HCM City Stock Exchange, the VN-Index slid 0.23 per cent to close at 499.46 points.
The value of trades surged 61 per cent over Friday, totalling VND913.3 billion (US$43.5 million), thanks to a rise in transactions through negotiations which accounted for 70 per cent of total market value at VND628.3 billion ($30 million).
Negotiated trading focused on blue chips including Masan Group (MSN) with a value of over VND300 billion ($14.3 million), Vinamilk (VNM) worth VND52 billion ($2.5 million) and VinGroup (VIC) worth VND20.8 billion ($990,500).
Most blue chips fell, however, with the VN30 tracking the top 30 shares by market capitalisation and liquidity down 0.4 per cent at 550.07 points.
Among the VN30 codes, only two shares posted gains, including confectionery maker Kinh Do Corp (KDC) and PetroVietnam Drilling and Well Services (PVD) with gains from 2.7-3.8 per cent.
FLC Group (FLC) was the most active code yesterday with 2.5 million shares changing hands at VND5,300 a share, down 3.6 per cent from Friday's closing price.
According to analysts at FPT Securities Co, the market faces a struggle in improving investor sentiment. In addition, a lack of supporting information also made investors unsure about the market's outlook.
On the Ha Noi Stock Exchange, the HNX-Index also slid 0.41 per cent to a close at 61.44 points.
Trading remained tepid with market volume and value decreasing slightly from Friday's level, totalling nearly 16 million shares worth VND124 billion ($5.9 million).
Sai Gon-Ha Noi Bank (SHB) on trades of over 2.5 million shares became the most active code on the northern bourse but the shares closed off 1.6 per cent at VND6,300 each.
Trading by foreign investors were mixed on both exchanges yesterday. While they were net buyers with a modest value of VND3.77 billion ($179,500) on the HCM City market, they concluded as net sellers with a value of VND6.11 billion ($291,000) on the Ha Noi market.
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