Shares move downward on blue chips
Shares move downward on blue chips
Shares were down in morning trade following a two-day rise, as large-cap stocks sank in the two markets.
The benchmark VN-Index on the HCM Stock Exchange was down 0.2 per cent to close at 687.9 points. It rose 1.2 per cent in the last two trading sessions.
On the Ha Noi Stock Exchange, the HNX-Index also lost 0.2 per cent to end at 85.2 points. The index gained over 0.6 per cent in the last two days.
Large-cap stocks led the market decline. Some 18 of the top 30 largest shares by market capitalisation lost value, including the highest valued stocks, such as dairy giant Vinamilk (VNM), real estate developer VinGroup (VIC), insurer Bao Viet Holdings (BVH) and Vietinbank (CTG).
Some, however, bucked the trend and cushioned the market, such as PV Gas (GAS), Vietcombank (VCB), Saigon Securities Inc (SSI) and steelmaker Hoa Sen Group (HSG).
Companies releasing positive earnings results also gained.
Cattle feed producer Dabaco JSC (DBC) rose 0.6 per cent following the information that its profits surpassed the yearly target by 34 per cent in only nine months.
Shares of Southern Gas JSC (PGS) also increased 0.6 per cent as its nine-month profit showed a three-fold rise over the same period last year, reaching VND322 billion.
Overall market condition was negative with 209 of total 692 stocks declining and 172 advancing.
Over 89 million shares worth VND1.3 trillion (US$58.3 million) were traded in the two markets.
Afternoon trades starts at 1pm.
