VN Index retreats on selling pressure
VN Index retreats on selling pressure
Viet Nam’s benchmark VN Index fell on Wednesday morning as selling pressure sent large-cap stocks plummeting after the index neared 725 points.
The southern market index inched down 0.2 per cent to close at 722.84 points, reversing from an increase of 0.2 per cent on Tuesday.
Market trading liquidity was moderate with more than 130.8 million shares being traded, worth VND1.97 trillion (US$79.6 million).
Pressure from investor selling rose when the benchmark index approached its fresh 10-year high of 725 points, pushing most of the sectors into negative territory.
Among the sectors that had lifted the market in previous sessions, the property and food-beverage sectors suffered the most.
The property sector was pushed down by Vingroup (VIC), FLC Group (FLC), Hoa Binh Construction & Real Estate Corporation (HBC) and Hoang Quan Consulting-Trading-Service Real Estate Corporation (HQC).
Dairy producer Vinamilk (VNM) and consumer goods company Masan (MSN) weighed down the food and beverage industry.
Insurance-finance and brokerage companies continued to underperform. Decliners included Bao Viet Holdings (BVH), Bao Minh Insurance Corp (BMI) and Saigon Securities Inc (SSI).
On the positive side, some large-cap stocks continued their good run, such as Vietcombank (VCB), Vietinbank (CTG), BIDV (BID) and brewer Sabeco (SAB).
On the Ha Noi Stock Exchange, the HNX Index was down 0.2 per cent to end at 90.97 points. The northern market index gained 0.3 per cent on Tuesday.
More than 26 million shares were traded on the northern bourse, worth VND283.15 billion.
