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Blue chips drag on local indices
Shares extended losses yesterday, following a week of decline amid investors fearing a further drop.
On the HCM City Stock Exchange, the market closed deep in the red yesterday, as selling activities dominated the afternoon session following a marginal recovery in the morning.
The VN-Index lost 7.19 points, or as much as 1.27 per cent, to land at 558.14 points – the lowest level of the afternoon session.
The trading volume and value continued to be on a steady decline, as only 95.5 million shares worth VND1.5 trillion (US$71.4 million) changed hands, 25 per cent and 34 per cent, respectively lower than the average figures recorded last week.
Among the southern bourse's 30 largest shares by capitalisation and liquidity, only three codes that managed to increase yesterday were Masan Group (MSN), Sacombank (STB), and Da Nang Rubber Corporation (DRC), while Hoa Phat Group (HPG) and Military Bank (MBB) closed at their reference prices.
Losses registered in the remaining 25 large-cap stocks dragged the VN30-Index down, as it lost 1.2 per cent to close at 613.67 points.
FPT Corporation (FPT) dropped 3.7 per cent to close at VND65,000 ($3) per share, while Sai Gon Securities (SSI) slid 5.8 per cent to VND25,900 ($1.2) and Hoa Sen Group (HSG) lost 3.4 per cent to be traded at VND48,300 ($2.3) after Red River Holding registered to sell 2.9 million shares of HSG.
Other market pillars, such as Vinamilk (VNM), Kinh Do Corporation (KDC), Bao Viet Holdings (BVH), Becamex IJC (IJC), and REE Corporation (REE) were also among the losers.
Overall, on the southern bourse, only 50 codes managed to close higher yesterday, while 186 codes lost value.
The Ha Noi Stock Exchange's top stock by capitalisation and liquidity also posted huge losses yesterday with the HNX30-Index seen shedding 6.48 points, or 3.98 per cent, to finish at 156.56 points.
The HNX-Index dropped 2.13 per cent to end the day at 78.87 points, which was also the lowest level recorded during the day, while the HNXFF-Index finished 2.56 per cent lower at 79.6 points.
With 74.6 million shares traded, the trading value reached VND859 billion ($40.9 million), roughly similar to that recorded in the previous session.
The market fluctuations yesterday reflected that the investors still lacked confidence, as they indulged in massive selling soon after the market showed signs of recovery.
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