Shares slump on sluggish trade
Shares slump on sluggish trade
Shares sank for a third day this morning as investors expected a further decline after exchange-traded funds finished their review trading in the afternoon.
On the HCM Stock Exchange, the VN-Index was down 0.4 per cent to close at 653.6 points. The Index decreased 0.6 per cent in the last two days.
On the Ha Noi Stock Exchange, the HNX-Index slid 0.5 per cent to end at 82.5 points, having lost 1.2 per cent in the previous two sessions.
Today is the final trading day for the FTSE and VNM ETFs to reallocate their portfolios. Many investors reduced trade in the morning to wait for falling prices in the afternoon.
A total of 64 million shares, worth VND940 billion (US$42 million), were traded during the two markets.
Large-cap stocks continued their downswing trend this morning, as nine of the top 10 highest-valued stocks tumbled and only PV Gas (GAS) inched up 0.3 per cent.
Further, heavyweight stocks such as Vinamilk (VNM), Masan Group (MSN), lender BIDV (BID), Vietinbank (CTG) and Vietcombank (VCB), decreased 0.3-1.4 per cent.
Money is focusing on low-valued stocks. Eight of the top 10 most active stocks are even priced below VND5,000 per share.
Real estate developer FLC Group (FLC) is temporarily leading trade nationwide with over 4 million shares traded. Its price dropped over 3 per cent to VND4,340 per share.
The afternoon trade begins at 1pm.
