Stocks fall further on low investor confidence
Stocks fall further on low investor confidence
Vietnamese shares slid further in the early session, as speculations about company operations and the market's margin trading eroded investor confidence.
The benchmark VN Index on the HCM Stock Exchange dropped 1.9 per cent to end at 647.11 points.
The HNX Index on the Ha Noi Stock Exchange slid 1.3 per cent to close at 83.54 points.
Banks and insurance companies were the worst-hit stocks in the early session.
All nine listed banks declined. Eximbank (EIB) and Vietcombank (VCB) slumped 4.3 per cent and 3.6 per cent, while others lost between 0.5 per cent and 2.2 per cent.
The insurance sector was dragged down by Bao Viet Holdings (BVH), Bao Minh Insurance Corp (BMI) and Viet Nam Reinsurance Corp (VNR). These stocks were down between one per cent and 3.3 per cent.
Other large-cap stocks also recorded losses.
Viet Nam Dairy Products JSC (VNM) edged down 0.6 per cent, consumer goods producer Masan Group (MSN) decreased by 1.5 per cent, and PetroVietnam Gas Corp (GAS) plunged 4.8 per cent.
Sai Gon Securities Inc (SSI) went down 1.7 per cent and property developer Vingroup JSC (VIC) slipped one per cent.
Investors traded more than 125 million shares, worth VND2 trillion (US$88.7 million).
