Stocks fall further on poor market sentiment
Stocks fall further on poor market sentiment
Shares fell on the two local markets on Monday morning due to low investor confidence despite companies announcing positive development outlook at their annual shareholder meetings.
The benchmark VN Index dropped 0.3 per cent to close at 710.47 points. Viet Nam’s key index has fallen a total of 0.6 per cent in the previous two days.
The HNX Index on the Ha Noi Stock Exchange was down 0.4 per cent to end at 88.52 points. The northern market index moved up 0.5 per cent on Friday.
Market trading liquidity was low with more than 98 million shares being traded, worth nearly VND1.8 trillion (US$79.8 million).
Investors remained cautious about current market conditions, given that the market is nearing a short national holiday this week, even as listed companies continued to announce ambitious business plans for the future.
Consumer goods producer Masan (MSN) on Monday morning held its annual shareholder meeting, targeting post-tax profit of VND3.2-3.4 trillion for 2017, an increase of 15-22 per cent compared with 2016. MSN shares ended flat on Monday morning.
Other sectors also underperformed, including banks, insurance and brokerage firms, energy and plastic producers.
Among these companies, Bank for Investment and Development of Viet Nam (BID) and Viet Nam National Petroleum Group (PLX) were down 0.9 per cent and 0.6 per cent, respectively.
The afternoon session starts at 1pm.
