Hanoi (VNA) -♔ Shares moved down on October 20 after a two-day rise as large-cap stocks sank on the two markets.
The benchmark VN-Index, the measure of 312 stocks on the HCM Stock Exchange, was down 0.4 percent to close at 686.4 points. It rose 1.2 percent in the previous two trades.
On the smaller exchange in Hanoi, the HNX-Index tracking 379 stocks lost 0.5 percent to end at 85.1 points. The Index gained over 0.6 percent in the previous two sessions.
Large-cap stocks lost their upward momentum, pulling down the stock indices.
Eighteen of the top 30 largest shares by market capitalisation lost value, including the highest valued stocks such as dairy giant Vinamilk (VNM), real estate developer VinGroup (VIC), insurer Bao Viet Holdings (BVH), Vietinbank (CTG), lender BIDV (BID), PV Gas (GAS), software producer FPT Corp (FPT), steelmakers Hoa Phat Group (HPG) and Hoa Sen Group (HSG).
Real estate companies bucked the trend as popular realty stocks like FLC Group (FLC), HCM City Infrastructure Investment (CII), Kinh Bac City Development (KBC) and Duc Long Gia Lai Co (DLG) gained between 0.8 percent and 4.1 percent.
The overall market condition was negative, with 260 of total 692 stocks declining and 179 advancing.
Liquidity decreased. A total of 169.5 million shares worth a combined 2.9 trillion VND (129.7 million USD) were traded in the two markets, down 15 percent in volume and 19.4 percent in value from the previous session’s figures.
Unusual trade in shares of the real estate giant VinGroup (VIC) continued to attract investor attention. Nearly nine million VIC shares worth 385.7 billion VND changed hands on October 20 through negotiation, lifting total trading value through the negotiation method on this stock to more than 1.8 trillion VND.
Its share prices were down 1.1 percent to close at 43,300 VND a share.
“The market trend is unclear in this period when stocks are still in the value accumulation phase. The market will be exposed to the downward risk if big stocks decline,” analysts at BIDV Securities Co wrote. They said irregular adjustment could occur in the range of 680-690 points.
Foreign investors returned to be net sellers in the two markets on October 20. They offloaded shares worth a total net value of 31.5 billion VND and were responsible for a net buy value of 45.6 billion VND on previous day.-VNA
Vietnamese shares advanced slightly on October 14 after a volatile trading week, driven by investor expectations of positive third-quarter earnings reports.
Shares declined further on October 17 afternoon as large-cap stocks lost steam under increased profit-taking pressure. Money was more focused on low value shares.
Shares rose slightly on October 18 after a brief decline on previous day as large-cap stocks recovered on rising optimism over third-quarter earnings prospects.
Shares rose for a second day on October 19 on the two exchanges as investors were optimistic about the market outlook and earnings prospects of listed companies.
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Illustrative image (Source: chungkhoanviet.info)
