Shares slump on selling pressure
Shares slump on selling pressure
Shares traded lower on Wednesday morning as selling pressure continued to press on blue chips, especially in the banking and real estate sectors.
The benchmark VN Index on HCM Stock Exchange went down 1.23 per cent to stand at 1,037.34 points. The southern market index was down 6.21 per cent last week.
The stock market was shut from April 28 to May 1 on the occasion of the national Reunification Day (April 30) and Labour Day (May 1).
On Ha Noi Stock Exchange, the HNX Index dived 0.28 per cent to 122,30 points. The index had fallen by 7.5 per cent after four trading days last week.
Bank and real estate stocks were under the heaviest selling pressure.
Most of the large banks and real estate companies on the two exchanges suffered losses in the morning trade, including Vietinbank, Saigon Hanoi Commercial Joint Stock Bank, Ho Chi Minh Development Joint Stock Commercial Bank, together with property developer Vingroup, Novaland andKhangĐiền House.
Their losses ranged from 1.7 to 5.5 per cent.
However, the growth of some large-cap stocks cushioned the market fall. The largest supporters included brewer FPT Digital Retail Joint Stock Company, Mobile World Investment Corporation and PhuNhuanJewelry Joint Stock Company.
The overall market condition was negative though, with 243 declining stocks, 158 gaining stocks and 341 stocks remaining unchanged on the two bourses.
A total of 112 million shares, worth VND3 trillion (US$129 million), were traded on the two exchanges.
The afternoon trading session starts at 1pm.
