VN shares decline to one-month low
VN shares decline to one-month low
Shares extended losses yesterday on the two exchanges as investors increased selling out on fears of further downward risks.
The benchmark VN-Index, the measure of 310 stocks on the HCM Stock Exchange declined 1.9 per cent to a one-month low of 636.1 points. The Index has lost 3.2 per cent over the last three days.
On the Ha Noi Stock Exchange, the HNX-Index sank for second day, down 1.8 per cent to end the session at 81.8 points.
Large-cap stocks continued to fall across the board.
Despite positive earnings reports, leading industry stocks like property developer VinGroup (VIC), dairy Vinamilk (VNM), private equity firm Masan Group (MSN), Vietcombank (VCB), lender BIDV (BID) and steelmaker Hoa Phat Group (HPG) all declined between 1 and 4 per cent.
VinGroup yesterday posted a net profit of over VND2.9 trillion (US$130 million), almost a four-fold year-on-year increase. However, its share price decreased 1 per cent to close at VND51,000 a share.
The market is seeing the deficiency of information this month after most companies have completed the disclosure of first-half earnings reports.
"While market leading stocks, including real estate, oil and gas and banks fail to provide impetus, I think the market can adjust downward in the short-term period," said Pham Thien Quang, head of equity research at the Military Securities Company.
The market is used to facing downward trends in August but performance is quite diverse for different groups.
Realty stocks attracted big money yesterday. Kinh Bac City Development Holdings (KBC) led trades in the HCM City's market with 10 million shares changing hands, followed by FLC Group (FLC) and Tan Tao Investment Industry Corp (ITA) with 8.7 million shares and 6.7 million shares exchanged, respectively.
Sai Gon Thuong Tin Real Estate Co (SCR), Tasco (HUT) and Vinaconex (VCG) were most active on Ha Noi's exchange with 2-4 million shares changing hands on each code.
Liquidity improved. The volume of trades soared 98.4 per cent over Tuesday, totalling 250 million shares in the two markets, while the trading value jumped 55.7 per cent to reach nearly VND3.8 trillion.
Foreign investors were net buyers yesterday, picking up shares worth a combined VND70 billion on the two exchanges.
