Stocks down after blue chips weaken
Stocks down after blue chips weaken
Shares fell towards the end of the early trading period on Monday, as large-cap stocks weakened after opening positively.
Both the benchmark VN Index on the HCM Stock Exchange and the HNX Index on the Ha Noi Stock Exchange ended lower than Friday’s closing levels. The VN Index ended at 673.03 points, while the HXN Index stood at 80.61 points.
Eleven of the 30 largest companies, based on market capitalisation, declined, including consumer goods producer Masan Group (MSN), property developer Vingroup JSC (VIC) and construction firm Faros Construction Corp (ROS).
MSN and VIC dropped 0.5 per cent each, while ROS slumped 4 per cent on speculations that the company would issue more shares to raise capital and the Wall Street Journal’s report last week, which has raised concerns among investors about a sell-off in ROS following its stock’s gains in the last two months.
The ROS’ drop also pulled property firm FLC Group (FLC) down as Faros is the main contractor that implements its projects. FLC slid 1.2 per cent.
In the banking sector, Vietcombank (VCB) and Saigon-Ha Noi Bank (SHB) recorded losses, while others ended positively.
Oil and gas service providers such as PetroVietnam Technical Services Corp (PVS) and PetroVietnam Drilling and Well Services Corp (PVD) benefited from a weekly gain in crude prices last week.
Around 68.2 million shares worth VND1.1 trillion (US$49.5 million) were traded on Monday morning.
