Monday, July 6 2020

VietNamNews

VN stocks fall for sixth straight day

Update: July, 01/2020 - 06:55

 

Sabeco's beer is loaded for sale in HCM City. The company shares dropped 2.2 per cent on Tuesday. — Photo tinnhanhchungkhoan.vn

HÀ NỘI — Vietnamese shares gave up gains to lose for a sixth straight day as abysmal market sentiment weighed on the large-cap sector in the afternoon trading session.

Việt Nam’s benchmark VN-Index on the Hồ Chí Minh Stock Exchange fell 0.51 per cent to end Tuesday at 825.11 points after having gained as much as 1.31 per cent at the beginning of the day.

The VN-Index has lost a total of nearly 5.30 per cent in the last six trading days since June 22.

Large-cap stocks pulled the market down as the blue chip tracker VN30-Index declined by 0.55 per cent to 770.53 points.

Twenty-two of the 30 largest stocks by market capitalisation and trading liquidity in the VN30 basket declined while five increased.

The underperformance of large-cap stocks also dragged on mid-cap and small-cap indices, which dropped 0.69 per cent and 1.39 per cent, respectively.

Among declining large-caps were sugar firm Thành Thành Công-Biên Hòa (SBT), VPBank (VPB), property firm Vincom Retail (VRE), brewer Sabeco (SAB) and consumer staples company Masan (MSN).

The VN30 futures, which expire in July 2020, dropped three points to close Tuesday at 752.50 points.

On the Hà Nội Stock Exchange, the minor HNX-Index also ended Tuesday in the red after having performed well in the morning session.

The northern market index finished down 0.51 per cent at 109.76 points, retreating from a gain of as much as 1.34 per cent.

The HNX-Index has fallen total 3.78 per cent in the last three trading days.

Nearly 421 million shares were traded on the two exchanges, worth VNĐ5.52 trillion (nearly US$237 million).

Foreign investors net-sold total VNĐ38 billion worth of local shares. They net-sold nearly VNĐ149 billion worth of Vietnamese shares on Monday.

Despite receiving a morning boost from the recovery of US stocks, Vietnamese shares still suffered at the end of the day as investors turned to sell in the afternoon, Sài Gòn-Hà Nội Securities (SHS) said in its daily report.

The gap of 18 points between the large-cap tracker VN30-Index and its July futures indicated investors still bet on the chance of the market’s further decline, SHS said.

The next short-term bottom line for the VN-Index would be 800 points, the company added. — VNS

 

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