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Indices continue to slide as pessimism slows markets
Cautious psychology continued to weigh down the markets, pushing shares down on the two stock exchanges this morning.
On the HCM Stock Exchange, the VN-Index lost another 0.25 per cent to end at 541.45 points.
Meanwhile, most large-cap shares, which provided the market with momentum in previous sessions, went flat or traded below their reference prices.
The VN30, which tracks the top 30 shares by market value and liquidity, decreased 0.23 per cent to stand at 567.96 points.
Liquidity remained as low as 35.4 million shares, valued at VND512 billion (US$23.6 million), while being traded at the end of the morning.
The most active stock this morning was Thong Nhat Production and Investment Co (GTL), with 5.4 million shares traded. However, its share price dropped for the second day at VND10,600 per share, down 5.4 per cent from yesterday's close.
GTL is rumored to be competing with Elmich Co, as it seeks to raise its holding in Lam Dong Foodstuff Co (VDL), the owner of the well-known Vang Da Lat (Da Lat wine) brand. GTL expressed its interest to lift its stakes in VDL from the current 35 per cent to 40 per cent, while Elmich wants to raise its holding in VDL to over 51 per cent.
Since VDL liquidity on the stock exchange is very low, both companies want to persuade VDL's other large investors to sell their shares.
On the Ha Noi Stock Exchange, the HNX-Index edged down 0.16 per cent to end at 79.24 points, with the market volume reaching nearly 18 million shares worth VND353 billion ($16.3 million).
The afternoon session will begin at 1pm.
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