"Vin" stocks drag down VN market

July 18, 2020 - 07:30

Shares flip-flopped early on Friday as investors dumped stocks in the “Vin” family, weighing down the overall stock market.


Vincom Plaza Tuy Hoà shopping mall in the southern province of Phú Yên. Stocks of the 'Vin' family weighed down the market on Friday. — Photo courtesy of Vingroup

 HÀ NỘI — Shares flip-flopped early on Friday as investors dumped stocks in the “Vin” family, weighing down the overall stock market.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange (HOSE) slumped 0.55 per cent to close at 872.02 points.

It had climbed 0.8 per cent to close Thursday at 876.83 points.

Nearly 270.7 million shares were traded on the southern market, worth VNĐ4.6 trillion (US$199 million).

Market breadth was negative with 162 gainers and 190 decliners.

The VN30 Index, which tracks the performance of the 30 largest stocks by market capitalisation and liquidity on HoSE, decreased 0.69 per cent to close Friday at 814.16 points.

Stocks in the “Vin” family performed poorly with conglomerate Vingroup (VIC) and its two arms Vinhomes (VHM) and Vincom Retail (VRE) losing 1.6 per cent, 1.2 per cent and 1.7 per cent.

Other pillar stocks also reported losses such as FPT Corporation (FPT), steel maker Hòa Phát Group (HPG), Masan Group (MSN), Vingroup (VIC), dairy firm Vinamilk (VNM), low-budget carrier Vietjet (VJC) and Mobile World Group (MWG).

The industrial real estate group outperformed and supported the market, with many gainers such as The Vietnam Rubber Group JSC (GVR), Phước Hòa Rubber Co (PHR), Sonadezi Long Thành (SZL),  SONADEZI Châu Đức Shareholding Company (SZC), Industrial Urban Development JSC No 2 (D2D), Kinh Bắc Urban Development Joint Stock Co (KBC) and Long An-Long Hậu Industrial Park in southern Long An Province (LHG).

On the Hà Nội Stock Exchange (HNX), the HNX-Index was up 1.06 per cent to end Friday at 116.81 points.

The northern market index had lost 0.27 per cent to end Thursday at 115.59 points.

Nearly 23.8 million shares were traded on the northern market, worth VNĐ278 billion.

According to Bảo Việt Securities Company, at present, market sentiment will still mainly depend on the second quarter business results, most of which have been badly affected by the COVID-19 pandemic.

The market continues to experience a divergence among stock sectors.

Real estate, wholesale, banking, food and beverage, rubber production, information and technology, oil and gas, agriculture and construction all lost ground.

On the opposite side, insurance, securities, seafood processing and construction materials were among the gaining sectors. — VNS