VN shares decline on foreign selling
VN shares decline on foreign selling
Vietnamese shares retreated from Monday's gains as foreign investors continued to withdraw from large-cap stocks.
The benchmark VN Index on the HCM Stock Exchange dropped 0.4 per cent to close at 655.07 points.
The HNX Index on the Ha Noi Stock Exchange fell 0.3 per cent to end at 82.53 points.
Large-cap stocks continued to be hit by foreign selling, particularly dairy firm Vinamilk (VNM), as foreign investors remained negative on the possibility that the US central bank may increase its interest rates for the first time this year.
VNM has declined by 12.8 per cent on foreign selling since the beginning of this month.
Blue chips that lifted the market on Monday also pulled back today, including Vietcombank (VCB), property developer Vingroup JSC (VIC) and Vietinbank (CTG).
The energy sector also moved down this morning after oil prices ended lower on Monday and continued to be volatile during the early session today.
PetroVietnam Gas Corporation (GAS) and PetroVietnam Drilling and Well Services Corporation (PVD) were the major losers in this sector.
Speculative stocks rose this morning, led by property firm FLC Group (FLC) after its chairman announced he was buying 30 million shares of FLC to increase his ownership in the firm.
Investors exchanged some 84.4 million shares worth VND2 trillion (US$89 million).
