Large-caps suffer Tuesday blues
Large-caps suffer Tuesday blues
A large group of blue chip stocks declined yesterday, registering a 0.59 per cent loss across large-cap shares and pulling the local market down.
On the HCM Stock Exchange, the benchmark VN-Index lost 0.88 per cent to close at 605.27 points. On the smaller exchange in Ha Noi, the HNX-Index decreased 0.75 per cent to 80.84 points.
The overall market condition was negative with 137 stocks advancing and 223 stocks declining. Stocks in 18 of a total 20 industries saw losses. Slight gains buoyed food&drink and household shares.
Large-cap shares were the biggest decliners and included giants like: PetroVietnam Gas Corporation (GAS) down 2.13 per cent; JSC Bank For Investment and Development Of Viet Nam down1.27 per cent; Bank for Foreign Trade of Viet Nam (VCB) down 1.63; and Vingroup Joint Stock Company (VIC) down 1.33 per cent.
According to the daily Sai Gon Ha Noi Securities Company report, VNIndex declined over the last three sessions under pressure to sell blue chip stocks due to investor wariness.
The report attributed the increased caution and selling activity to high levels of trading on margin and pressures in the forex market.
The report predicted that local shares would continue to decline as the possibility of a Fed rate hike in December continues to dampen investor mood.
Amid the general declines, a few companies performed well. Vinamilk, Viet Nam's largest dairy producer as well as the biggest stock by market capitalisation, gained 0.79 per cent to reach VND128,000 (US$5.7) yesterday.
A few automobile companies saw gains. Truong Long Auto & Technology Joint Stock Company gained 6.72 on Monday and 6.99 per cent yesterday to close at 153,000 ($6.8).
