Blue chips fall, weigh on markets
Blue chips fall, weigh on markets
Large-cap stocks slipped further this morning, pushing down both stock indices this morning.
The VN-Index, a measure of 310 stocks on the HCM Stock Exchange, decreased 1.8 per cent to close the first-half's session at 636.9 points, falling for the third straight day.
Only one of the 30 largest stocks in terms of market capitalisation gained value, while 28 stocks plummeted, including leading ones such as real estate giant VinGroup (VIC), dairy firm Vinamilk (VNM), steelmaker Hoa Phat Group (HPG), and private equity firm Masan Group (MSN), besides Vietcombank (VCB) and insurance firm Bao Viet Holdings (BVH).Most of these companies had posted positive business results in the first half of this year. VinGroup, especially, posted a net profit of more than VND2.9 trillion (US$130 million) yesterday, almost a four-fold year-on-year increase. However, its share price still fell one per cent this morning, and was being traded at VND51,000 per share.
According to analysts, investors are selling out to take short margins at a time when many companies start releasing their official financial reports.
On the Ha Noi Stock Exchange, the HNX-Index also decreased for the second day, down 1.8 per cent, to end the morning session at 81.7 points.
Nearly 112 million shares, worth a combined VND1.9 trillion, were traded on the two exchanges.
Realty shares were most active, with four of the top five most active shares coming from the real estate sector. Resort developer FLC Group (FLC) is leading trading nationwide, with more than seven million of its shares changing hands. Its share price increased 3.5 per cent to close at VND5,900 a share.
The afternoon session begins at 1pm.
