Shares slump as liquidity runs dry
Shares slump as liquidity runs dry
Shares extended their losses this morning on the two markets, as blue chips maintained their downward trend and global oil prices continued to decline.
On the HCM Stock Exchange, the VN-Index retreated to touch 631 points after declining for four sessions, a 0.8-per-cent drop from yesterday's close.
On the Ha Noi Stock Exchange, the HNX-Index sank for the third day, down 0.4 per cent to end the first half of the day at 81.4 points.
Only 117 out of 689 stocks advanced across the two boards.Many large-cap shares still fell this morning, such as private equity firm Masan Group (MSN), software producer FPT Corp (FPT), large lenders such as Vietcombank (VCB), BIDV (BID) and Vietinbank (CTG), and property companies such as Hoang Anh Gia Lai Co (HAG), Kinh Bac City Development Holdings (KBC) and FLC Group (FLC).
Oil and gas shares also slumped along with the steep fall in global oil prices. PV Gas (GAS) and PetroVietnam Drilling and Wells Service (PVD) were down 1.7 per cent and two per cent, respectively.
American crude oil dropped below US$40 per barrel yesterday, the lowest since April 2016, due to fears about over-supply.
On the bright side, some stocks recovered and helped to cushion the fall. Dairy giant Vinamilk (VNM) increased 1.3 per cent, and steelmakers Hoa Phat Group and Hoa Sen Group rose about one per cent.
Liquidity was drying up as 71.3 million shares, worth a combined VND1.2 trillion ($54 million), were traded on the two markets by the end of the morning, just a third of yesterday's figures.
The afternoon session resumes at 1pm.
