Vietnamese shares declined on Monday after rising for six consecutive sessions, as large-cap stocks underperformed as investors made sales in pursuit of short-term profits.
Divergence of heavyweight stocks restrained stock market growth on Thursday as investor psychology was unstable and looked to earn ‘quick profits’.
Shares continued to rise on the two local exchanges on Tuesday, fueled by the growth of several major large caps and climbing oil stocks.
Vietnamese shares advanced on Friday, driven by strong investors’ purchases for stocks that had fallen in the previous four sessions.
Vietnamese shares ended lower on Tuesday as investors showed caution over possibilities of a strong market’s correction after it had failed to beat the 1,000-point landmark
Shares declined on Friday on both national stock exchanges before the National Independence Day Holiday, led by heavyweight stocks.
The exciting movement of the market on Monday morning was extinguished by selling pressure increasing in the afternoon, affecting many large-cap stocks.
Vietnamese shares gained steadily on Thursday, driven by financial-banking, real estate and energy sectors, but depleting liquidity showed risks of a bull-trap market.
Real estate and retail conglomerate Vingroup has raised VNĐ9.32 trillion (US$400 million) from issuing 84 million convertible dividend preference shares to Hanwha Assset Management, an affiliate of the South Korean conglomerate Hanwha Group.
Shares on the HCM Stock Exchange rebounded in the last trading minutes on Thursday, propped up by the recovery of heavyweight stocks.