Shares lose early gains on blue chips
Shares lose early gains on blue chips
The benchmark VN-Index retreated to 685.2 points this morning, down 0.1 per cent, after reaching nearly 689 points when the market opened.
The slump of large-cap stocks weighed on the market.
The index was down 0.4 per cent on Friday.
Only three of the 10 largest stocks on the HCM Stock Exchange gained value, including dairy giant Vinamilk (VNM), Vietinbank (CTG) and PV Gas (GAS), while others tumbled under heavy profit-taking selling pressure.
Property developer VinGroup (VIC) was the most significant loser, decreasing two per cent, followed by private equity firm Masan Group (MSN), down one per cent. Other heavyweight shares such as lender BIDV (BID), insurer Bao Viet Holdings (BVH) and Military Bank (MBB) were down by less than one per cent.
Market breadth was neutral with 108 shares rising, 110 declining and 94 closing unchanged.
Almost 59 million shares worth VND1.2 trillion (US$54 million) were traded by the end of this morning.
According to analysts at Vietcombank Securities Co, the market is exposed to downward risk following nine consecutive rising sessions. Investors are being cautious ahead of the release of the third-quarter earnings of companies.
On the Ha Noi Stock Exchange, the HNX-Index rose 0.8 per cent to close at 85.6 points. The market saw 19 million shares worth VND238 billion exchanged in the morning.
Afternoon trade begins at 1pm.
