Shares dive on the lack of news
Shares dive on the lack of news
Shares extended losses on Wednesday as the market was in short supply of supportive information.
The VN-Index on the Ho Chi Minh Stock Exchange lost 0.18 per cent to close at 977.63 points.
The index fell 0.26 per cent to close Tuesday at 979.36 points.
Some 157.4 million shares were traded on the southern bourse on Wednesday, worth more than VND5.1 trillion (US$218 million).
The large-cap VN30-Index dropped 0.40 per cent to end at 888.97 points with 18 of the 30 largest stocks by market capitalisation declining.
According to Sai Gon-Ha Noi Securities JSC (SHS), investors seemed to still be cautious as the market was in lack of supportive information, resulted in weak buying power.
Real estate, information, rubber production, construction materials were the sectors that weighed down the stock market.
Pillar stocks were under selling pressure and most ended down such as Sabeco (SAB) (-3,3 per cent), Vingroup (VIC) (-0,5 per cent), Vietcombank (VCB) (-0,6 per cent), VPBank (VPB) (-2,5 per cent), Vietjet Air (VJC) (-1,2 per cent), Vincom Retail (VRE) (-0,7 per cent) and Vinamilk (VNM) (-0,2 per cent).
Industrial zone real estate also faced profit taking and dropped sharply, including Sonadezi Corporation (SNZ) (-8.6 per cent), Nam Tan Uyen Joint Stock Corporation (NTC) (-4.6 per cent), Song Da Urban & Industrial Zone Investment and Development (SJS) (-4,4 per cent), The Phu My 3 Specialised Industrial Park (SIP) (-2,4 per cent), Industrial zone developer Kinh Bac City Development Share Holding Corporation (KBC) (-1,3 per cent), Industrial Urban Development JSC No 2 (D2D) (-0,5 per cent).
In the opposite direction, some pillars increased, helping narrow the market decline, such as Vinhomes (VHM) (+1,6 per cent), PetroVietnam Gas JSC (GAS) (+0,6 per cent), Masan Group (MSN) (+1,4 per cent), Techcombank (TCB) (+1,4 per cent), Military Bank (MBB) (+0,9 per cent), Bao Viet Holdings (BVH) (+0,7 per cent), Vietinbank (CTG) (+0,3 per cent) and Novaland (NVL) (+0,3 per cent).
The HN-Index on the Ha Noi Stock Exchange declined 0.45 per cent to 100.95 points on Wednesday.
Nearly 32.7 million shares were traded on the northern bourse, worth VND699 billion.
Foreign investors net bought VND34.1 billion on the HOSE, including Hoa Phat Group (HPG) (VND42.7 billion), Vietcombank (VCB) (VND15.2 billion) and Vincom Retail (VRE) (VND11.5 billion). Foreigners were net sellers on the HNX with a value of VND17.8 billion.
According to BIDV Securities Company (BSC), the market dropped in contrast to the general trend of the regional market along with a slight increase in liquidity, though still at a low level. Given the lack of supportive information, the same corrections may continue this week and it is likely that the VN-Index will test 975 points again.
