Stocks retreat on poor market sentiment
Stocks retreat on poor market sentiment
Shares went down in both local markets on Friday morning as blue chips were driven down by poor market sentiment.
The benchmark VN Index on the HCM Stock Exchange fell 0.73 per cent to close at 736.35 points. It had gained 0.5 per cent on Thursday.
The HNX Index on the Ha Noi Stock Exchange dropped 0.19 per cent to end at 93.81 points, retreating from a two-day rise of 0.8 per cent.
Around 144.3 million shares worth nearly VND3 trillion (US$133 million) were traded on both exchanges.
Investor confidence turned negative on Friday morning though it had risen following a positive US-VN meeting early on Thursday.
Poor market sentiment sent large-cap stocks down, with 80 per cent of the 30 largest companies by market capitalisation declining.
Steelmakers Hoa Sen Group (HSG) and Hoa Phat Group (HPG), Sacombank (STB), Bao Viet Holdings (BVH) and dairy producer Vinamilk (VNM) all slid down.
Energy stocks also remained negative on lower oil prices. PetroVietnam Gas (GAS), PetroVietnam Drilling and Well Services (PVD) and PetroVietnam Mud Drilling (PVC) saw the biggest decline.
The afternoon session starts at 1pm.
