Thursday, December 12 2019

VietNamNews

VN stocks fall for three days under international pressure

Update: November, 23/2019 - 07:36

 

A Sabeco production plant. Shares of Việt Nam's largest brewer by market value lost 2.5 per cent on Friday.  Photo vietnamconstruction.vn

HÀ NỘI — Vietnamese shares fell further on Friday as negative news from the international markets continued clouding local investors’ sentiment.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange dropped 1.02 per cent to close at 977.78 points.

The benchmark index has lost a total of 3.03 per cent in the last three trading days.

This week, the VN-Index declined by 3.2 per cent.

More than 230 million shares were traded on the southern bourse, worth VNĐ5.62 trillion (US$242.2 million).

The figures included more than 196 million shares being traded through matching orders, worth VNĐ4.2 trillion.

The market sentiment worsened on Friday and investors became more cautious, Thành Công Securities Co (TCSC) said in its daily report.

The domestic market moved along with the negative trend across the globe.

Investors and analysts have raised their concerns over the possibility of a signed US-China trade deal to boost global economy.

But recent developments of the Hong Kong crisis dampened their hopes.

The market was in a shortage of good news, TCSC said, adding the slump of large-cap stocks made the situation worse.

Shares of large-cap companies in the VN30 basket continued declining on Friday.

The large-cap VN30-Index, which tracks the developments of the 30 largest stocks by market value and trading liquidity, was down 0.66 per cent to 892.31 points.

Friday’s decline also beat analysts’ previous forecast that both VN-Index and VN30-Index would have a rebound on the weekend.

Construction group Coteccons (CTD), brewer Sabeco (SAB), lenders HDBank (HDB), Vietcombank (VCB) and Bank for Investment and Development of Vietnam (BID) were the worst performers.

Those large-caps lost between 2.3 per cent and 3.5 per cent.

Banking, brokerage, mining and energy, retail and construction ended in the negative territory, losing between 1.2 per cent and 2 per cent, data on vietstock.vn showed.

Mid-cap and small-cap stocks also declined. The VNMID-Index and VNSML-Index tumbled 1.25 per cent and 1.32 per cent, respectively.

On the current conditions, the Vietnamese stock market would keep moving down with stocks being differentiated, TCSC forecast.

Large-cap stocks would decide which way the market would move, it said.

On the Hà Nội Stock Exchange, the HNX-Index lost 1.58 per cent to end at 103.09 points.

The northern market index has shed a total of 2.27 per cent after a three-day period and nearly 2.8 per cent after one week.

More than 25.5 million shares were traded on the northern market, worth VNĐ351 billion. — VNS

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