Markets down on low investor confidence
Markets down on low investor confidence
Vietnamese shares retreated from Wednesday's gains on both local markets as investors remained cautious due to negative trends in global economies.
The benchmark VN Index on the HCM Stock Exchange fell 0.8 per cent to close at 607.12 points and the HNX Index on the Ha Noi Stock Exchange dropped 0.7 per cent to end at 80.74 points.
Blue chips on both local exchanges turned towards negative territory as investor confidence remained low on expectations of a US interest rate increase in June.
Insurance companies and property developers were among the strongest decliners. Insurers Bao Viet Holdings (BVH) and BIDV Insurance Corp (BIC) and property developers Vingroup JSC (VIC) and FLC Group (FLC) pushed both the sectors down.
These stocks lost 1.7 per cent, 2.3 per cent, 1.9 per cent and 1.5 per cent, respectively.
Banks also recorded losses. Among the largest listed banks, Vietcombank (VCB) edged down 0.4 per cent, Bank for Investment and Development of Viet Nam (BID) declined by 1.1 per cent and Sai Gon-Ha Noi Bank (SHB) slid 1.6 per cent.
Market liquidity remained low as investors showed unwillingness to trade. Both local markets traded nearly 94 million shares worth VND1.44 trillion (US$64.3 million).
