Shares dip on foreign offloading
Shares dip on foreign offloading
Shares closed down on both national exchanges yesterday as traders increased selling based on an uncertain market outlook, especially as foreign investors offloaded large-cap stocks.
The VN-Index, the measure of 315 stocks on the HCM Stock Exchange, was down 0.2 per cent at 673.3 points yesterday, decreasing 0.9 per cent for the week.
On the Ha Noi Stock Exchange, the HNX-Index tracking 377 stocks declined 0.4 per cent at 80.6 points, losing 0.7 per cent since the beginning of the week.
Foreign investors continued to offload local shares. They were responsible for a combined net sell value of VND170 billion (US$7.6 million) in the two markets yesterday. Their total net sell value reached nearly VND670 billion for the week.
“Share declines were broad-based and foreign traders also increased selling of large-cap stocks, which indicated that the market is exposed to higher risk than the slight decreases in stock indices,” stock analysts at BIDV Securities Co wrote in a report.
Shares of big companies were often listed in the most sold list by foreign investors this week, including dairy firm Vinamilk (VNM), real estate giant VinGroup (VIC), insurer Bao Viet Holdings (BVH), Saigon Securities Inc (SSI) Hoa Phat Group (HPG) and private equity business Masan Group (MSN).
Of the top 30 largest shares by market capitalisation on the HCM City exchange, only eight advanced while 16 declined.
The overall market condition was also negative with 252 stocks declining, 163 advancing and 277 closing flat.
Energy and rubber shares, which had climbed in the previous sessions based on the prices rising in the global markets, also turned heads when they started to dip.
Shares of PetroVietnam Drilling and Wells Service (PVD) were down 0.9 per cent. Hoang Anh Gia Lai Group (HAG) and its agribusiness arm Hoang Anh Gia Lai Agricultural (HNG) fell 1.7 per cent and 2.6 per cent, respectively.
Oil prices fell on Thursday in the international markets on concerns of oversupply and strong growth of US dollar.
Low-priced stocks continued to attract investments as eight of the top 10 most heavily-traded stocks on the two exchanges had prices of below VND10,000 a share. Construction and real estate companies saw the most sales, such as FLC Group (FLC), Tan Tao Investment and Industry (ITA), Sacomreal (SCR) and Vinaconex (VCG).
The two markets saw trading of 143 million shares worth nearly VND2.6 trillion ($58.2 million).
