Monday, October 21 2019

VietNamNews

VN stocks fall as worries over potential risks increase

Update: September, 04/2019 - 14:28

 

An Eximbank office. The bank shares slipped 1.2 per cent on Wednesday morning. — Photo tienphong.vn

HÀ NỘI — Vietnamese shares declined on Wednesday morning, dragged by the banking and realty sectors as investors worried about increasing risks.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange fell 0.26 per cent to close at 976.78 points.

The VN-Index was down 0.48 per cent on Tuesday as the stock market re-opened after the Independence Day holiday.

According to VNDirect Securities Corp (VNDS), the market is at risk now as investors worry about the increasing volatility of local assets as selling is increasing in all large-cap, mid-cap and small-cap stocks.

The large-cap VN30-Index was down 0.35 per cent in the morning session while the VNMID-Index and the VNSML-Index decreased by 0.45 per cent and 0.65 per cent, respectively.

“Sellers are ready to sell and give up on their assets at any price while buyers are unwilling to purchase them,” VNDS said in its Tuesday daily report.

On the  Nội Stock Exchange, the HNX-Index lost 0.61 per cent to end at 100.78 points.

The northern market index slashed 0.89 per cent on Tuesday.

Nearly 93 million shares were traded on the two local exchanges, worth VND1.7 trillion (US$73 million).

Banking and property firms were the major cause for the extended decline of the Vietnamese stock market.

Among declining realty firms were Vincom Retail (VRE), Vinhomes (VHM), Tân Tạo Industrials and Investment JSC (ITA) and Kinh Bắc City Development Holding JSC (KBC).

Meanwhile, none of the 13 listed banks made gains with losers being VPBank (VPB), Asia Commercial Bank (ACB) and Sacombank (STB).

The afternoon trading session starts at 1pm. — VNS

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