Shares fall on weak market outlook
Shares fall on weak market outlook
Shares continued to decline yesterday afternoon on the two national exchanges with investors cautious about the gloomy market outlook.
On the HCM Stock Exchange, the VN-Index lost over 1 per cent to close yesterday's session at 573.10 points.
Blue chips lost ground across the board, dragging the VN30 down 1.17 per cent to end at 628.90 points.
Twenty of the top 30 shares by market value and liquidity posted losses. Masan Group (MSN), Bao Viet Holdings (BVH), Hoa Sen Group (HSG) and VinGroup (VIC) were the biggest losers, declining from 2-3 per cent.
Shares that had previously supported the market, such as Vinamilk (VNM), Phu My Fertiliser (DPM) and REE Corp (REE), also slid over 1 per cent.
Trading was sluggish, with the market volume down 10 per cent from Friday to 58 million shares and fund certificates worth VND1.3 trillion (US$61.9 million).
Real estate developer FLC Group (FLC) was the most active code on trades of 5.4 million shares, but the price slipped 5.1 per cent to close at VND11,100.
"While the market lacked positive news ahead of the five-day holiday in commemoration of National Reunification and May Day, waning liquidity also eroded investor confidence in the market outlook," stock analysts of FPT Securities Co commented on the company's website.
On the Ha Noi Stock Exchange, the HNX-Index fell 1.15 per cent to close at 79.65 points, while the HNX30 tracking the top 30 shares by market value and liquidity on the northern bourse was also down 1.49 per cent at 159.67 points.
Investors were net sellers to avert downward risks which pushed down liquidity.
The market volume and value declined over 10 per cent from the previous session to 36 million shares worth VND371 billion ($17.6 million, the lowest volume since January 24.
PetroVietnam Construction Corp (PVX) was the most heavily-traded share on the bourse with 5.8 million shares traded, closing down 1.92 per cent at VND5,100.
Foreign investors were net buyers on the two exchanges, but their total net value was modest at just VND8.5 billion ($403,000).
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